AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.29% against the USD to close at 0.7777.
Yesterday, the AiG performance of services index in Australia climbed to a level of 49.9 in January, following a reading of 47.5 recorded in prior month.
LME Copper prices declined/rose 2.89% or $160.0/MT to $5695.0/MT. Aluminium prices rose/declined 0.97% or $18.0/MT to $1870.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7807, with the AUD trading 0.39% higher from yesterday’s close.
Early morning data showed that the NAB’s business confidence fell to a reading of 2, compared to a level of 6.0 registered in preceding month.
Elsewhere, in China, Australia’s biggest trading partner, the HSBC/Markit services PMI eased to a level of 51.8 in January, posting its lowest reading since July 2014, from December’s 53.4, thus indicating weakness in the world’s second-largest economy.
The pair is expected to find support at 0.7671, and a fall through could take it to the next support level of 0.7535. The pair is expected to find its first resistance at 0.7898, and a rise through could take it to the next resistance level of 0.7989.
Going forward, investors await Australia’s retail sales and new home sales data, scheduled in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
