AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.53% against the USD and closed at 0.69.
LME Copper prices rose 1.85% or $80.5/MT to $4440.5/MT. Aluminium prices rose 0.50% or $7.5/MT to $1494.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6869, with the AUD trading 0.6% lower from yesterday’s close.
Early this morning, data showed that Australia’s Westpac consumer confidence index fell by 3.5% in January, led by renewed concerns over the outlook of China’s economy. Meanwhile, the index had recorded a fall of 0.8% in the previous month.
The pair is expected to find support at 0.6821, and a fall through could take it to the next support level of 0.6774. The pair is expected to find its first resistance at 0.6938, and a rise through could take it to the next resistance level of 0.7007.
Amid no macroeconomic releases in Australia today, trading trends in the Aussie is expected to be determined by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
