AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.83% against the USD and closed at 0.7085.
LME Copper prices rose 1.02% or $46/MT to $4553.50/MT. Aluminium prices rose 1.26% or $19.0/MT to $1527/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7083, with the AUD trading marginally lower from yesterday’s close.
Overnight data indicated that, Australia’s private sector credit growth advanced less than expected by 0.5% MoM in December, after recording a gain of 0.4% in the previous month and compared to market expectations of a gain of 0.6%. Other macroeconomic data showed that the nation’s producer price index rose 0.3% QoQ in the final quarter of 2015. It followed an increase of 0.9% in the preceding quarter.
The pair is expected to find support at 0.7033, and a fall through could take it to the next support level of 0.6984. The pair is expected to find its first resistance at 0.7131, and a rise through could take it to the next resistance level of 0.7179.
Moving ahead, Australia’s AiG performance of manufacturing index, slated to release next week, will grab a lot of market attention.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
