AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally weakened against the USD to close at 0.7578.
LME Copper prices rose 0.17% or $10.0 /MT to $5931.0 /MT. Aluminium prices declined 0.14% or $2.5 /MT to $1818.0 /MT.
In the Asian session, at GMT0400, the pair is trading at 0.764, with the AUD trading 0.82% higher against the USD from yesterday’s close.
Early this morning, data showed that Australia’s trade surplus widened to A$3,511 million in December, from a revised figure of A$2,040 million in the previous month, as export growth outpaced that of imports. On the other hand, the nation’s building permits declined 1.2%, on a monthly basis in December, after registering a 7.5% rise in the previous month.
The pair is expected to find support at 0.7575, and a fall through could take it to the next support level of 0.7509. The pair is expected to find its first resistance at 0.7677, and a rise through could take it to the next resistance level of 0.7713.
Going ahead, market participants look forward to Australia’s AiG performance of services index for January, scheduled to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
