AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.18% against the USD and closed at 0.7005.
LME Copper prices rose 0.67% or $29.0/MT to $4376.0/MT. Aluminium prices rose 0.58% or $8.5/MT to $1470.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6998, with the AUD trading 0.11% lower from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that MNI business sentiment indicator dropped to a level of 52.3 in January, compared to a reading of 52.7 in the previous month.
The pair is expected to find support at 0.6908, and a fall through could take it to the next support level of 0.6818. The pair is expected to find its first resistance at 0.7055, and a rise through could take it to the next resistance level of 0.7113.
Looking ahead, Australia’s consumer price inflation and business confidence index data, scheduled to be released next week, will grab a lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving average.
