AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.54% against the USD to close at 0.8794.
LME Copper prices declined 0.7% or $54.0/MT to $7155.0/MT. Aluminium prices declined 1.4% or $23.5/MT to $1686.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8764, with the AUD trading 0.34% lower from yesterday’s close.
Data released this morning showed that producer price index (PPI) in Australia rose 0.2% (QoQ) in the fourth quarter of 2014, compared to a 1.3% rise in the previous month. Investors expected the PPI to rise 0.9%. Additionally, private sector credit in Australia rose 3.9% (YoY) in December, compared to a 3.8% rise in the previous month.
Next week, traders would keenly await the Reserve Bank of Australia’s (RBA) interest rate decision, along with the manufacturing, construction and housing data from Australia.
The pair is expected to find support at 0.8713, and a fall through could take it to the next support level of 0.8662. The pair is expected to find its first resistance at 0.8820, and a rise through could take it to the next resistance level of 0.8876.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
