AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.97% against the USD to close at 0.8960.
LME Copper prices rose 0.5% or $37.5/MT to $7343.0/MT. Aluminium prices advanced 0.5% or $9.0/MT to $1725.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8918, with the AUD trading 0.47% lower from yesterday’s close.
On the macro front, the new motor vehicle sales in Australia, on a seasonally adjusted monthly basis rose 1.7% in December, following a revised rise of 2.1% recorded in the preceding month.
Elsewhere, the People’s Bank of China revealed that, M0 money supply in China, Australia largest trading partner, rose 7.1% (YoY) in December, compared to a 7.7% increase recorded in the previous month. Meanwhile, M1 money supply increased 9.3% in December, compared to a 9.4% rise recorded in the previous month. Moreover, China’s foreign exchange reserves rose to $3.82 trillion at the end of December 2013, compared to an upwardly revised $3.66 trillion reported at the end of September 2013.
The pair is expected to find support at 0.8870, and a fall through could take it to the next support level of 0.8823. The pair is expected to find its first resistance at 0.9006, and a rise through could take it to the next resistance level of 0.9095.
With no major economic data from Australia, global factors would determine the trading trend for the pair today. However, the crucial employment data from Australia to be released tomorrow would gain market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
