AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.35% against the USD to close at 0.8197.
LME Copper prices rose 0.19% or $11.0/MT to $5671.0/MT. Aluminium prices rose 1.50% or $27.0/MT to $1825.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8171, with the AUD trading 0.32% lower from yesterday’s close.
Earlier today, in China, Australia’s biggest trading partner, data indicated that the seasonally adjusted GDP expanded 1.5% on a QoQ basis, slumping to its lowest level in 24 years in 4Q 2014 and less than market expectations for a rise of 1.7%. In the previous quarter, the nation had registered a growth of 1.9%.
Other data showed that retail sales in China registered a rise of 11.9% on an annual basis in December, compared to an advance of 11.7% recorded in November, while industrial production grew stronger than expected by 7.9% on a YoY basis in December, beating market expectations for an advance of 7.4% and following a 7.2% increase registered in preceding month.
The pair is expected to find support at 0.8142, and a fall through could take it to the next support level of 0.8114. The pair is expected to find its first resistance at 0.8216, and a rise through could take it to the next resistance level of 0.8261.
Looking ahead, investors await Australia’s Westpac consumer confidence index data, scheduled in the late hours today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
