AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.7204.
LME Copper prices rose 0.4% or $21.0/MT to $5882.0/MT. Aluminium prices rose 2.0% or $35.0/MT to $1810.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7201, with the AUD trading slightly lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index slid to a level of 99.6 in January, following a reading of 104.4 in the previous month.
The pair is expected to find support at 0.7179, and a fall through could take it to the next support level of 0.7156. The pair is expected to find its first resistance at 0.7225, and a rise through could take it to the next resistance level of 0.7248.
Looking ahead, investors would await Australia’s consumer inflation expectations for January and home loans data for November, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
