AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD ended the day flat against the USD to close at 0.8945.
LME Copper prices declined 0.1% or $9.5/MT to $7190.5/MT. Aluminium prices fell 0.4% or $6.0/MT to $1672.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9010, with the AUD trading 0.73% higher from yesterday’s close.
Early morning, in Australia, data showed that home loans in the nation declined 1.9% (MoM) in December, more than analysts’ expectations for a 0.7% rise and compared to a 1.4% (MoM) rise registered in the preceding month. Another report indicated that the nation’s house price index rose more-than-expected 3.4% (QoQ) in the fourth quarter, following a 2.4% (QoQ) rise recorded in the preceding month. Separately, the National Australia Bank (NAB) reported that its business condition index and business confidence index improved in January.
The pair is expected to find support at 0.8938, and a fall through could take it to the next support level of 0.8867. The pair is expected to find its first resistance at 0.9049, and a rise through could take it to the next resistance level of 0.9089.
Market participants eye the release of Westpac consumer confidence data, due later today, for further cues in the Aussie.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
