AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.4% against the USD and closed at 0.7116.
LME Copper prices rose 0.47% or $21.5/MT to $4583.5/MT. Aluminium prices rose 1.53% or $23.0/MT to $1528.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7099, with the AUD trading 0.23% lower from yesterday’s close.
Overnight data showed that, Australia’s Westpac leading index fell by 0.04% MoM in January, after recording a drop of 0.3% in the preceding month.
The pair is expected to find support at 0.7059, and a fall through could take it to the next support level of 0.7020. The pair is expected to find its first resistance at 0.7161, and a rise through could take it to the next resistance level of 0.7223.
Looking ahead, Australia’s unemployment rate data for January, scheduled to be released in the early hours tomorrow, will be on investor’s radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
