AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 3.26% against the USD and closed at 0.6717.
LME Copper prices declined 1.4% or $77.0/MT to $5621.0 /MT. Aluminium prices declined 0.6% or $10.0/MT to $1722.5 /MT.
In the Asian session, at GMT0400, the pair is trading at 0.6715, with the AUD trading marginally lower against the USD from yesterday’s close.
Early morning data showed that Australia’s producer price index (PPI) climbed 0.3% on a quarterly basis in 4Q19, at par with market expectations and compared to a level of 0.4% in the prior quarter. Further, Australia’s private sector credit registered a rise of 2.4% on a YoY basis, in December, compared with a similar rise in the prior month.
The pair is expected to find support at 0.6697, and a fall through could take it to the next support level of 0.6678. The pair is expected to find its first resistance at 0.6737, and a rise through could take it to the next resistance level of 0.6758.
Moving ahead, market participants would keep a close watch on Australia’s AiG performance of manufacturing index and building permits data, slated to release next week.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
