AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.34% against the USD to close at 0.8804, supported by an upbeat rise in its largest trading partner, China’s, annual gross domestic product (GDP) data for the fourth quarter.
LME Copper prices declined 0.5% or $39.5/MT to $7340.0/MT. Aluminium prices rose 0.1% or $1.5/MT to $1767.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8818, with the AUD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 0.8782, and a fall through could take it to the next support level of 0.8745. The pair is expected to find its first resistance at 0.8847, and a rise through could take it to the next resistance level of 0.8875.
Market participants are expected to keep a close watch on the Westpac consumer confidence data from Australia, due for release later today, for further cues in the Aussie.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
