AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.15% against the USD to close at 1.0415.
LME Copper prices declined 0.1% or $9.3/MT to $8159.8/MT. Aluminium prices declined 0.8% or $17.5/MT to $2055.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0427, with the AUD trading 0.12% higher from Friday’s close, as data released this morning indicated that the TD Securities and the Melbourne Institute’s annual consumer price inflation in Australia rose to 2.5% in January compared to a 2.4% rate recorded in the previous month. Separately, the seasonally adjusted building permits in Australia dropped 4.4% (MoM) in December, compared to an upwardly revised 3.4% rise recorded in the previous month. Moreover, on Sunday, China’s official non-manufacturing Purchasing Managers’ Index (PMI) advanced to a reading of 56.2 in January, compared to a reading of 56.1 reported in December, thereby further supporting the Australian Dollar.
The pair is expected to find support at 1.0379, and a fall through could take it to the next support level of 1.0332. The pair is expected to find its first resistance at 1.0455, and a rise through could take it to the next resistance level of 1.0484.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
