AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.14% against the USD and closed at 0.7553.
LME Copper prices declined 1.5% or $85.5/MT to $5771.5/MT. Aluminium prices declined 0.4% or $6.5/MT to $1805.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7550, with the AUD trading marginally lower against the AUD from yesterday’s close.
Overnight data indicated that Australia’s Westpac consumer confidence index rebounded 0.1% on a monthly basis in January, compared to a drop of 3.9% in the previous month.
Elsewhere, in China, Australia’s largest trading partner, the house price index climbed 12.4% YoY in December, following a rise of 12.6% in the previous month.
The pair is expected to find support at 0.7490, and a fall through could take it to the next support level of 0.7429. The pair is expected to find its first resistance at 0.7590, and a rise through could take it to the next resistance level of 0.7629.
Moving ahead, market participants will focus on Australia’s unemployment rate for December and consumer inflation expectations for January, scheduled to release in the early hours of tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
