AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.61% against the USD to close at 0.8785.
LME Copper prices declined 0.3% or $20.0/MT to $ 7215.0/MT. Aluminium prices rose 0.1% or $2.0/MT to $ 1713.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8808, with the AUD trading 0.26% higher from yesterday’s close.
On the macro front, the University of Melbourne reported that the Westpac leading index in Australia rebounded by 0.1% in December, after a decline of 0.1% recorded in the previous month.
The pair is expected to find support at 0.8770, and a fall through could take it to the next support level of 0.8732. The pair is expected to find its first resistance at 0.8837, and a rise through could take it to the next resistance level of 0.8866.
Trading trends in the pair today are expected to be determined by overall global factors, due to absence of any more domestic economic data from Australia.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
