AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.6% against the USD and closed at 0.8006.
LME Copper prices traded flat to close at $7047.0/MT. Aluminium prices rose 1.7% or $38.0/MT to $2225.0/MT.
Yesterday, data showed that in China, Australia’s largest trading partner, gross domestic product (GDP) climbed more-than-anticipated by 6.8% on an annual basis in the fourth quarter of 2017, compared to market expectations for a rise of 6.7%. GDP had registered a similar rise in the prior quarter.
Other data revealed that the nation’s industrial production climbed 6.2% YoY in December, topping market expectations for a rise of 6.1%. In the prior month, industrial production had risen 6.1%. Meanwhile, the nation’s retail sales rose less-than-anticipated by 9.4% on a yearly basis in December, after recording a rise of 10.2% in the previous month, while investors were anticipating for a gain of 10.2%.
In the Asian session, at GMT0400, the pair is trading at 0.8015, with the AUD trading 0.11% higher against the USD from yesterday’s close.
The pair is expected to find support at 0.7969, and a fall through could take it to the next support level of 0.7923. The pair is expected to find its first resistance at 0.8041, and a rise through could take it to the next resistance level of 0.8067.
Amid no major macroeconomic releases in Australia today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
