AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.32% against the USD and closed at 0.7249 on Friday.
LME Copper prices declined 0.8% or $50.5/MT to $6097.5/MT. Aluminium prices fell 0.4% or $8.0/MT to $1872.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7234, with the AUD trading 0.21% lower against the USD from Friday’s close.
Overnight data showed that Australia’s seasonally adjusted building approvals unexpectedly dropped by 8.4% on a monthly basis in December, confounding market expectations for a rise of 2.0% and compared to a revised drop of 9.8% in the prior month.
Elsewhere, in China, the Markit services PMI dropped to 53.6 in January, compared to a reading of 53.9 in the prior month.
The pair is expected to find support at 0.7214, and a fall through could take it to the next support level of 0.7194. The pair is expected to find its first resistance at 0.7269, and a rise through could take it to the next resistance level of 0.7304.
Looking ahead, investors would focus on Australia’s CBA services PMI for January, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
