AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.55% against the USD and closed at 0.8011.
LME Copper prices rose 2.4% or $169.0/MT to $7112.0/MT. Aluminium prices rose 1.0% or $21.5/MT to $2237.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8056, with the AUD trading 0.56% higher against the USD from yesterday’s close.
Earlier today, in China, Australia’s largest trading partner, industrial profits rose 10.8% on an annual basis in December, after recording a rise of 14.9% in the previous month.
The pair is expected to find support at 0.8001, and a fall through could take it to the next support level of 0.7946. The pair is expected to find its first resistance at 0.8115, and a rise through could take it to the next resistance level of 0.8174.
Next week, investors would eye Australia’s consumer price index, AiG performance of manufacturing index, the NAB business confidence index and building approvals data.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
