AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 2.82% against the USD and closed at 0.6747.
LME Copper prices rose 1.1% or $62.0/MT to $5,714.0/MT. Aluminium prices climbed 0.1% or $1.0/MT to $1,688.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6754, with the AUD trading 0.10% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$5223.0 million in December, compared to a revised surplus of A$5518.0 million in the previous month. Additionally, seasonally adjusted retail sales declined 0.5% on a monthly basis in December, more than market consensus and compared to a revised rise of 1.0% in the previous month. Separately, the NAB business confidence index remained unchanged at a level of -1.00 in 4Q19.
The pair is expected to find support at 0.6733, and a fall through could take it to the next support level of 0.6713. The pair is expected to find its first resistance at 0.6774, and a rise through could take it to the next resistance level of 0.6795.
Moving ahead, market participants would keep a close watch on Australia’s AiG performance of services index for January, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
