AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.55% against the USD and closed at 0.7479.
LME Copper prices rose 0.8% or $43.0/MT to $5752.5/MT. Aluminium prices rose 2.3% or $39.5/MT to $1788.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7480, with the AUD trading a tad higher against the USD from yesterday’s close.
Overnight data revealed that China’s, Australia’s largest trading partner, trade surplus surprisingly narrowed to CNY275.4 billion in December, defying market consensus for the nation’s surplus to widen to CNY345.0 billion and following a surplus of 298.1 billion in the preceding month.
The pair is expected to find support at 0.7449, and a fall through could take it to the next support level of 0.7419. The pair is expected to find its first resistance at 0.7514, and a rise through could take it to the next resistance level of 0.7549.
Next week, market participants will focus on the release of Australia’s unemployment rate, Westpac consumer confidence, consumer inflation expectations and HIA new home sales data.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
