AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.7075.
LME Copper prices declined 0.26% or $ 12.0/MT to $ 4541.50/MT. Aluminium prices rose 0.16% or $ 2.5/MT to $ 1529.50/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7065, with the AUD trading 0.15% lower from Friday’s close.
Overnight data showed that, Australia’s AiG performance of manufacturing index rose to a level of 51.5 in January, from a level of 51.9 in the preceding month.
Early morning data showed that, in China, Australia’s largest trading partner, the NBS manufacturing PMI fell more than anticipated to a level of 49.4 in January, touching its 3-year low level, thus adding concerns about the condition of the world’s second largest economy. Markets expected of a fall to a level of 49.6, after recording a level of 49.7 in the previous month.
Other economic data showed that China’s non-manufacturing PMI came in at 53.5 in January, down from a level of 54.4 recorded in the preceding month. On the other hand, the nation’s Caixin manufacturing PMI edged up to a level of 48.4 in January, compared to December’s reading of 48.2 but still remained in the contraction territory for the eleventh consecutive month.
The pair is expected to find support at 0.7024, and a fall through could take it to the next support level of 0.6983. The pair is expected to find its first resistance at 0.7124, and a rise through could take it to the next resistance level of 0.7184.
Looking ahead, investors will keep a close watch on RBA’s interest rate decision, due in the early hours’ tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
