AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.06% against the USD and closed at 0.8037.
LME Copper prices declined 1.0% or $73.5/MT to $7027.0/MT. Aluminium prices declined 0.3% or $6.5/MT to $2218.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8006, with the AUD trading 0.39% lower against the USD from yesterday’s close.
In economic news, Australia’s producer price index (PPI) climbed 0.6% QoQ in the three months to December 2017, after recording a rise of 0.2% in the previous quarter.
The pair is expected to find support at 0.7978, and a fall through could take it to the next support level of 0.7950. The pair is expected to find its first resistance at 0.8044, and a rise through could take it to the next resistance level of 0.8082.
Going forward, Australia’s AiG performance of services as well as construction indices coupled with trade balance and retail sales data, all slated to release next week, would be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
