AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.66% against the USD and closed at 0.6995.
LME Copper prices rose 1.06% or $47.0/MT to $4501.0/MT. Aluminium prices rose 0.03% or $0.5 /MT to $1480.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7013, with the AUD trading 0.25% higher from yesterday’s close.
Overnight data showed that Australia’s Westpac leading index dropped 0.3% MoM in December, after registering a revised similar fall in the previous month.
Early this morning, data indicated that the nation’s consumer price index rose more than expected by 0.4% QoQ in the December quarter, following a gain of 0.5% in the previous quarter and beating market expectations for a 0.3% rise.
Meanwhile in China, Australia’s largest trading partner, industrial profits declined for the seventh consecutive month by 4.7% YoY in December, following a 1.4% fall in the previous month, as demand and sales weakened amid the economic slowdown. On the other hand, the nation’s Westpac-MNI consumer sentiment index rose to a level of 114.9 in January, from a reading of 113.7 in the previous month.
The pair is expected to find support at 0.6940, and a fall through could take it to the next support level of 0.6867. The pair is expected to find its first resistance at 0.7064, and a rise through could take it to the next resistance level of 0.7116.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
