AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.26% against the USD and closed at 0.7155.
LME Copper prices rose 0.33% or $15.0/MT to $4577.0/MT. Aluminium prices rose 0.66% or $10.0/MT to $1530.0/MT.
Yesterday, the Organisation for Economic Cooperation and Development (OECD) kept its economic growth forecast for China, Australia’s largest trading partner, unchanged at 6.5% in 2016 and 6.2% in 2017.
In the Asian session, at GMT0400, the pair is trading at 0.7106, with the AUD trading 0.68% lower from yesterday’s close.
The pair is expected to find support at 0.7074, and a fall through could take it to the next support level of 0.7043. The pair is expected to find its first resistance at 0.7156, and a rise through could take it to the next resistance level of 0.7206.
Going ahead, investors will look forward to Australia’s Westpac-MNI consumer sentiment index data for February, scheduled to be released next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
