AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.59% against the USD to close at 0.7770.
LME Copper prices declined 1.73% or $95.0/MT to $5390.5/MT. Aluminium prices declined 1.46% or $27.0/MT to $1822.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7788, with the AUD trading 0.23% higher from yesterday’s close.
Earlier today, data showed that the producer price index in Australia rose 0.1% on a QoQ basis in 4Q 2014 and compared to an advance of 0.2% recorded in previous quarter. Meanwhile, the nation’s private sector credit rose at 0.5% on a monthly basis in December, following a similar pace of rise registered in the previous month
The pair is expected to find support at 0.7706, and a fall through could take it to the next support level of 0.7624. The pair is expected to find its first resistance at 0.7885, and a rise through could take it to the next resistance level of 0.7981.
Going forward, investors await Australia’s AiG performance of manufacturing index data, scheduled over the weekend.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
