AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 2.92% against the USD and closed at 0.6740.
LME Copper prices rose 1.0% or $57.0/MT to $5,652.0/MT. Aluminium prices declined 0.4% or $7.5/MT to $1,687.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6738, with the AUD trading marginally lower against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index rose to 41.3 in January, compared to a reading of 38.9 in the previous month. Additionally, the Commonwealth Bank services PMI advanced to a level of 50.6 in January, compared to a level of 48.9 in the previous month.
Elsewhere, in China, Australia’s largest trading partner, the Caixin services PMI unexpectedly fell to 51.8 in January. In the previous month, the index recorded a level of 52.5.
The pair is expected to find support at 0.6699, and a fall through could take it to the next support level of 0.6660. The pair is expected to find its first resistance at 0.6761, and a rise through could take it to the next resistance level of 0.6784.
Going ahead, traders would keep a close watch on Australia’s trade balance and retail sales, both for December, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
