AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined marginally against the USD and closed at 0.7190.
LME Copper prices declined 1.67% or $78.0/MT to $4585.5/MT. Aluminium prices declined 1.46% or $23.0/MT to $1552.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7169, with the AUD trading 0.29% lower from yesterday’s close.
Early this morning, data indicated that private capital expenditure in Australia unexpectedly rebounded by 0.80% in 4Q 2015 on a QoQ basis, compared to a revised fall of 8.40% in the previous quarter. Markets were anticipating it to fall 3.00%.
The pair is expected to find support at 0.7138, and a fall through could take it to the next support level of 0.7107. The pair is expected to find its first resistance at 0.7207, and a rise through could take it to the next resistance level of 0.7246.
Amid no major economic releases in Australia today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
