AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.59% against the USD to close at 1.0375, bolstered by better-than-expected GDP data in China.
In Australia, the Westpac-Melbourne Institute consumer confidence index rose 2.4% (MoM) in January to 97.1 from 94.7 in December.
In the Asian session, at GMT0400, the pair is trading at 1.0400, with the AUD trading 0.24% higher from yesterday’s close.
This morning, the Australian Bureau of Statistics indicated that sales of new motor vehicles, on a seasonally adjusted basis, edged down 2.9% (MoM) in December.
LME Copper prices rose 2.0% or $164.3/MT to $8184.8/ MT. Aluminium prices rose 2.4% or $50.8/MT to $2171.3/ MT.
The pair is expected to find support at 1.0353, and a fall through could take it to the next support level of 1.0306. The pair is expected to find its first resistance at 1.0448, and a rise through could take it to the next resistance level of 1.0497.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
