AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.25% against the USD and closed at 0.7104.
LME Copper prices rose 1.0% or $58.5/MT to $6178.5/MT. Aluminium prices declined 0.6% or $11.0/MT to $1829.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7092, with the AUD trading 0.17% lower against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) rose 1.7% on an annual basis in January, compared to a rise of 1.9% in the prior month. Market had expected the CPI to record an unchanged reading. Furthermore, the nation’s producer price index (PPI) advanced 0.1% on a yearly basis in January, undershooting market consensus for a rise of 0.3%. In the preceding month, the PPI had registered a gain of 0.9%.
The pair is expected to find support at 0.7065, and a fall through could take it to the next support level of 0.7039. The pair is expected to find its first resistance at 0.7125, and a rise through could take it to the next resistance level of 0.7159.
Moving ahead, traders would await Australia’s CBA manufacturing and services PMIs and unemployment rate, set to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
