AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.89% against the USD to close at 0.8093.
LME Copper prices declined 2.26% or $130.0/MT to $5630.5/MT. Aluminium prices rose 0.05% or $1.0/MT to $1831.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8073, with the AUD trading 0.26% lower from yesterday’s close.
Early morning data showed that, Australia’s consumer inflation expectations registered a drop to 3.2% in January, following a reading of 3.4% in the previous month. Meanwhile, the nation’s HIA new home sales advanced 2.2% on a MoM basis in November. New home sales had recorded a rise of 3.0% in the prior month.
Elsewhere, in China, the MNI business sentiment index dropped to 53.7 in January, compared to a reading of 56.2 in the previous month.
The pair is expected to find support at 0.8007, and a fall through could take it to the next support level of 0.7942. The pair is expected to find its first resistance at 0.8187, and a rise through could take it to the next resistance level of 0.8302.
Amid no major economic releases in Australia this week, investors would monitor next week’s crucial Australia’s inflation data.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
