AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 0.8802.
LME Copper prices declined 0.1% or $8.0/MT to $7332.0/MT. Aluminium prices fell 1.4% or $25.0/MT to $1742.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8863, with the AUD trading 0.69% higher from yesterday’s close, after a report showed that consumer inflation in Australia rose more-than-expected to 0.8% (QoQ) in the fourth quarter, from a level of 1.2% registered in the preceding quarter. Another report revealed that the Westpac consumer confidence in Australia registered a negative reading of 1.7% in January, compared to a negative 4.8% recorded in the preceding month.
The pair is expected to find support at 0.8799, and a fall through could take it to the next support level of 0.8736. The pair is expected to find its first resistance at 0.8901, and a rise through could take it to the next resistance level of 0.8940.
With no major economic releases from Australia, during the later course of the day, traders are eyeing global economic news for further cues in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
