AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.24% against the USD and closed at 0.7822.
LME Copper prices rose 0.1% or $7.5/MT to $7092.0/MT. Aluminium prices declined 1.6% or $34.0/MT to $2143.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7825, with the AUD trading slightly higher against the USD from yesterday’s close.
Earlier today, in China, Australia’s largest trading partner, the producer price index (PPI) climbed 4.9% on an annual basis in December, rising at its slowest pace in more than a year. The PPI had recorded a gain of 5.8% in the previous month, while investors had envisaged for a rise of 4.8%. Meanwhile, the nation’s consumer price index (CPI) advanced less-than-expected by 1.8% on an annual basis in December, compared to market expectations for a rise of 1.9%. The CPI had increased 1.7% in the previous month.
The pair is expected to find support at 0.7800, and a fall through could take it to the next support level of 0.7776. The pair is expected to find its first resistance at 0.7857, and a rise through could take it to the next resistance level of 0.7890.
Looking ahead, Australia’s retail sales figures for November, scheduled to be released overnight, will be on investors’ radar.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
