AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.12% against the USD to close at 0.7931.
LME Copper prices rose 1.22% or $67.0/MT to $5557.0/MT. Aluminium prices rose 1.60% or $29.0/MT to $1847.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7991, with the AUD trading 0.76% higher from yesterday’s close.
Early morning data showed that, consumer prices in Australia rose 0.2% on a quarterly basis in 4Q 2014, lower than market forecasts for an advance of 0.3% and following an increase of 0.5% recorded in the preceding quarter, thus adding pressure on the RBA to trim interest rates further, in order to stimulate the country’s economy.
Overnight data revealed that Australia’s Westpac leading index remained flat on a MoM basis in December, compared to a 0.06% drop registered in November.
Elsewhere, in China, Australia’s biggest trading partner, the Westpac-MNI consumer sentiment index edged down to a level of 112.1 in January, from previous month’s reading of 112.5 in prior month.
The pair is expected to find support at 0.7923, and a fall through could take it to the next support level of 0.7856. The pair is expected to find its first resistance at 0.8035, and a rise through could take it to the next resistance level of 0.8079.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
