AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.77% against the USD and closed at 0.7109.
LME Copper prices rose 0.6% or $36.0/MT to $6210.0/MT. Aluminium prices declined 0.5% or $10.0/MT to $1886.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7106, with the AUD trading marginally lower against the USD from yesterday’s close.
Overnight data showed that Australia’s AIG performance of construction index rose to a level of 43.1 in January, compared to a level of 42.6 in the prior month. Moreover, the nation’s NAB business confidence index declined to a level of 1.0 in the fourth quarter of 2018, following a level of 3.0 in the preceding quarter.
The pair is expected to find support at 0.7079, and a fall through could take it to the next support level of 0.7053. The pair is expected to find its first resistance at 0.7150, and a rise through could take it to the next resistance level of 0.7195.
Moving ahead, investors would closely monitor the Reserve Bank of Australia’s monetary policy statement, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
