AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.53% against the USD and closed at 0.7191.
LME Copper prices declined 0.69% or $32.5/MT to $4663.5/MT. Aluminium prices rose 0.13% or $2.0/MT to $1575.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7172, with the AUD trading 0.27% lower from yesterday’s close.
Early this morning, data showed that Australia’s wage cost index rose less-than-expected by 0.5% QoQ in 4Q 2015, its lowest on record, compared to market expectations of it to remain steady at 0.6%.
Meanwhile in China, Australia’s largest trading partner, the Westpac MNI consumer sentiment index fell to a level of 111.3 in February, compared to a reading of 114.9 in the previous month.
The pair is expected to find support at 0.7138, and a fall through could take it to the next support level of 0.7105. The pair is expected to find its first resistance at 0.7233, and a rise through could take it to the next resistance level of 0.7294.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
