AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.07% against the USD to close at 0.7799, reversing its previous session gains.
LME Copper prices rose 2.25% or $130.5/MT to $5935.5/MT. Aluminium prices rose 0.87% or $15.5/MT to $1798.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7795, with the AUD trading a tad lower from yesterday’s close.
Early morning data showed that private sector credit in Australia rose 0.60% on a monthly basis in January, beating market expectations for an advance of 0.50%. In the previous month, it had recorded a rise of 0.50%.
The pair is expected to find support at 0.7744, and a fall through could take it to the next support level of 0.7692. The pair is expected to find its first resistance at 0.7880, and a rise through could take it to the next resistance level of 0.7965.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
