AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.17% against the USD and closed at 0.7468.
LME Copper prices rose 1.0% or $60.0/MT to $5857.0/MT. Aluminium prices rose 1.2% or $21.5/MT to $1812.0/MT.
Yesterday, the IMF revised up China’s economic growth forecast to 6.5%, up by 0.3% from its earlier forecast, on expectations for continued government stimulus. However, the Fund warned that the growth will not be sustainable amid rising risks from corporate debt and as growth is reliant on government spending.
In the Asian session, at GMT0400, the pair is trading at 0.7481, with the AUD trading 0.17% higher against the USD from yesterday’s close.
Earlier in the session, data indicated that Australia’s home loan approvals rebounded 0.9% in November, compared to a revised drop of 0.6% in the previous month.
The pair is expected to find support at 0.7461, and a fall through could take it to the next support level of 0.7441. The pair is expected to find its first resistance at 0.7495, and a rise through could take it to the next resistance level of 0.7509.
Going ahead, Australia’s Westpac consumer confidence index for January, scheduled to release overnight, will garner significant amount of market attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
