AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 3.57% against the USD and closed at 0.6695 on Friday.
LME Copper prices declined 0.9% or $50.0/MT to $5,570.0/MT. Aluminium prices fell 0.7% or $12.5/MT to $1,709.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6694, with the AUD trading marginally lower against the USD from Friday’s close.
Overnight data showed that Australia’s AiG performance of manufacturing index dropped to a level of 45.40 in January, compared to a level of 48.30 in the previous month. On the other hand, the Commonwealth Bank manufacturing PMI advanced to a level of 49.60 in Australia, compared to a level of 49.10 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin manufacturing PMI eased to a level of 51.10 in January, more than market expectations and compared to a level of 51.50 in previous month.
The pair is expected to find support at 0.6677, and a fall through could take it to the next support level of 0.6659. The pair is expected to find its first resistance at 0.6718, and a rise through could take it to the next resistance level of 0.6741.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
