AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.43% against the USD and closed at 0.6844.
LME Copper prices declined 0.9% or $53.0/MT to $6,050.00/MT. Aluminium prices dropped 1.4% or $26.0/MT to $1,781.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6848, with the AUD trading 0.06% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s Commonwealth Bank manufacturing PMI fell to a level of 49.1 in January, less than market expectations for a fall to a level of 49.0 and compared to 49.2 in the previous month.
The pair is expected to find support at 0.6826, and a fall through could take it to the next support level of 0.6805. The pair is expected to find its first resistance at 0.6873, and a rise through could take it to the next resistance level of 0.6899.
In absence of key macroeconomic releases in Australia today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
