AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.52% against the USD and closed at 0.7551.
LME Copper prices declined 0.2% or $11.0/MT to $5710.0/MT. Aluminium prices rose 1.8% or $31.5/MT to $1832.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7582, with the AUD trading 0.41% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s HIA new home sales rebounded 6.1% MoM in November, following a drop of 8.5% in the prior month.
Elsewhere, in China, Australia’s largest trading partner, gross domestic product (GDP) expanded 1.7% on a quarterly basis in 4Q 2016, meeting market expectations, as consumers stepped up spending and the property market rebounded. In the previous quarter, the GDP advanced 1.8%. Moreover, the nation’s annual retail sales climbed more-than-expected by 10.9% in December, compared to a rise of 10.8% in the prior month, whereas investors had envisaged retail sales to gain 10.7%. Further, the nation’s industrial production increased 6.0% on an annual basis in December, lower than market expectations for an advance of 6.1% and after recording a rise of 6.2% in the prior month.
The pair is expected to find support at 0.7533, and a fall through could take it to the next support level of 0.7483. The pair is expected to find its first resistance at 0.7610, and a rise through could take it to the next resistance level of 0.7637.
Looking ahead, investors will concentrate on Australia’s consumer price index, the sole important release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
