AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.45% against the USD and closed at 0.7026.
LME Copper prices rose 0.14% or $6.5/MT to $4507.5/MT. Aluminium prices rose 1.86% or $27.5/MT to $1508.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7038, with the AUD trading 0.16% higher from yesterday’s close.
Early this morning, data indicated that Australia’s import price index fell less than anticipated by 0.3% QoQ in the last quarter of 2015. Markets expected it to drop by 0.8%, compared to a gain of 1.4% in the preceding quarter. Moreover, the nation’s exports declined more than expected by 5.4% QoQ in the Q4 2015 while markets expected it to fall by 3.9%.
The pair is expected to find support at 0.6999, and a fall through could take it to the next support level of 0.6959. The pair is expected to find its first resistance at 0.708, and a rise through could take it to the next resistance level of 0.7122.
Looking ahead, market participants await the release of Australia’s private sector credit data, scheduled to be released tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
