AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD marginally weakened against the USD to close at 0.8960.
LME Copper prices declined 0.8% or $54.0/MT to $7095.0/MT. Aluminium prices fell 1.1% or $19.0/MT to $1716.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8948, with the AUD trading 0.13% lower from yesterday’s close.
On the economic front, data showed that private sector credit in Australia rose 0.4% (MoM) in January, in-line with market expectation but slower than a 0.5% (MoM) rise recorded in the previous month.
The pair is expected to find support at 0.8903, and a fall through could take it to the next support level of 0.8859. The pair is expected to find its first resistance at 0.8992, and a rise through could take it to the next resistance level of 0.9037.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
