AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.98% against the USD and closed at 0.7097.
LME Copper prices rose 0.6% or $39.5/MT to $6391.0/MT. Aluminium prices rose 1.6% or $29.0/MT to $1858.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7096, with the AUD trading slightly lower against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, new home prices rose at its weakest
pace since April 2018 by 0.6% on a monthly basis in January, compared to reading of 0.8% in the prior month.
The pair is expected to find support at 0.7055, and a fall through could take it to the next support level of 0.7013. The pair is expected to find its first resistance at 0.7153, and a rise through could take it to the next resistance level of 0.7209.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
