AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.22% against the USD and closed at 0.7639.
LME Copper prices rose 1.1% or $63.0/MT to $5865.0/MT. Aluminium prices rose 0.7% or $12.0/MT to $1821.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7622, with the AUD trading 0.22% lower from yesterday’s close.
Overnight data revealed that Australia’s HIA new home sales climbed 0.2% MoM in December, advancing for the second consecutive month. In the previous month, new home sales had recorded a rise of 6.1%. Meanwhile, the business confidence index eased to a level of 5.0 in 4Q 2016, following a revised level of 6.0 in the prior quarter.
The pair is expected to find support at 0.7596, and a fall through could take it to the next support level of 0.7571. The pair is expected to find its first resistance at 0.7656, and a rise through could take it to the next resistance level of 0.7691.
Going ahead, traders will focus on a speech by the RBA Governor, Philip Lowe, due in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
