AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose marginally against the USD and closed at 0.7078.
LME Copper prices declined 2.07% or $ 96.5/MT to $ 4572.50/MT. Aluminium prices declined 2.29% or $ 35.0/MT to $ 1496.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7031, with the AUD trading 0.67% lower from yesterday’s close.
Early this morning, data indicated that Australia’s NAB business confidence index remained steady at a level of 2.0 in January. However, the NAB business conditions index eased to a level of 5.0 in January, compared to a reading of 6.0 recorded in the preceding month, indicating that business conditions in the nation is hampered partly due to volatility in financial markets and worries about economic slowdown in China.
The pair is expected to find support at 0.6990, and a fall through could take it to the next support level of 0.6949. The pair is expected to find its first resistance at 0.7101, and a rise through could take it to the next resistance level of 0.7171.
Going ahead, market participants will look forward to Australia’s Westpac consumer confidence data for February, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
