AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.68% against the USD and closed at 0.6896.
LME Copper prices rose 1.1% or $68.5/MT to $6300.5/MT. Aluminium prices rose 0.9% or $15.5/MT to $1794.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6893, with the AUD trading a tad lower against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, gross domestic product grew 6.0% on an annual basis in 4Q 2019, in line with market expectations and unchanged from the previous quarter’s pace. Moreover, the nation’s economy grew by 6.1% 2019, marking its lowest rate since 1990. Meanwhile, retail sales rose 8.0% on an annual basis in December, surpassing market expectations for an advance of 7.8%. In the prior month, retail sales had registered a similar rise. Additionally, industrial production increased 6.9% on an annual basis in December, more than market expectations for a rise of 5.9%. In the previous month, industrial production had registered a rise of 6.2%.
The pair is expected to find support at 0.6873, and a fall through could take it to the next support level of 0.6854. The pair is expected to find its first resistance at 0.6923, and a rise through could take it to the next resistance level of 0.6954.
Going ahead, traders would await Australia’s Westpac consumer confidence index, unemployment rate and consumer inflation expectations, all set to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
