AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.33% against the USD to close at 0.6993.
LME Copper prices declined 0.61% or $27.5 /MT to $4486.5 /MT. Aluminium prices rose 1.44% or $21.0 /MT to $1476.0 /MT.
In the Asian session, at GMT0400, the pair is trading at 0.6975, with the AUD trading 0.25% lower from Friday’s close.
Over the weekend, in China, Australia’s largest trading partner, consumer price inflation rose 1.6% YoY in December, at par with market forecasts and following an increase of 1.5% in the preceding month. Meanwhile, the producer price index dipped more than expected by 5.9% on a yearly basis in December, compared to a similar drop recorded in November.
The pair is expected to find support at 0.6912, and a fall through could take it to the next support level of 0.6849. The pair is expected to find its first resistance at 0.7054, and a rise through could take it to the next resistance level of 0.7132.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
