AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.86% against the USD to close at 1.0444, despite positive Chinese manufacturing data.
LME Copper prices declined 1.0% or $79.5/MT to $8035.8/MT. Aluminium prices declined 1.0% or $20.5/MT to $2026.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0450, with the AUD trading marginally higher from yesterday’s close.
Data release this morning indicated that the MNI business sentiment indicator in China, Australia’s biggest trading partner, rose to a reading of 55.2 in January, compared to a reading of 52.2 posted in December.
The pair is expected to find support at 1.0414, and a fall through could take it to the next support level of 1.0378. The pair is expected to find its first resistance at 1.0509, and a rise through could take it to the next resistance level of 1.0568.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
