AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.35% against the USD and closed at 0.7697.
LME Copper prices declined 1.0% or $58.0/MT to $5976.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $1873.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7688, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Data released early this morning showed that Australia’s private capital expenditure dropped more-than-expected by 2.1% in 4Q 2016, after recording a fall of 4.0% in the previous quarter.
The pair is expected to find support at 0.7662, and a fall through could take it to the next support level of 0.7636. The pair is expected to find its first resistance at 0.7714, and a rise through could take it to the next resistance level of 0.7740.
Going ahead, a testimony by the Reserve Bank of Australia Governor, Philip Lowe, scheduled overnight, will be keenly watched by investors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
