AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.35% against the USD to close at 0.7771.
In economic news, Westpac consumer confidence index registered a level of 100.7 in February, up from previous month’s reading of 93.2.
LME Copper prices declined 1.32% or $75.0/MT to $5591.0/MT. Aluminium prices declined 0.65% or $12.0/MT to $1843.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7771, with the AUD trading flat from yesterday’s close.
Early morning data showed that home loan approvals in Australia rose 2.7% on a MoM basis in December, beating market expectations for a 2.0% rise and compared to a decline of 0.7% registered in November. Additionally, investment lending in the nation advanced 6.0% on a monthly basis in December, following a 2.2% drop recorded in the preceding month.
The pair is expected to find support at 0.7733, and a fall through could take it to the next support level of 0.7694. The pair is expected to find its first resistance at 0.7824, and a rise through could take it to the next resistance level of 0.7877.
Going forward, investors await Australia’s unemployment rate data, scheduled in the early hours tomorrow, which is expected to show a rise.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
