AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.20% against the USD and closed at 0.7173.
LME Copper prices rose 1.0% or $59.5/MT to $5964.0/MT. Aluminium prices rose 0.3% or $5.0/MT to $1842.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7182, with the AUD trading 0.13% higher against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) rose 1.9% on an annual basis in December, falling short of market expectations for an advance of 2.1%. In the prior month, the CPI had climbed 2.2%. Moreover, the nation’s producer price index (PPI) climbed 0.9% on a yearly basis in December, compared to market consensus for a gain of 1.6%. The PPI had recorded a rise of 2.7% in the previous month.
The pair is expected to find support at 0.7154, and a fall through could take it to the next support level of 0.7126. The pair is expected to find its first resistance at 0.7202, and a rise through could take it to the next resistance level of 0.7222.
Moving ahead, investors would closely monitor Australia’s AiG performance of construction index for December, scheduled to release late tonight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
