For the 24 hours to 23:00 GMT, the AUD declined 0.39% against the USD and closed at 0.7171.

LME Copper prices rose 0.5% or $29.0/MT to $5911.0/MT. Aluminium prices rose 1.6% or $29.0/MT to $1839.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7165, with the AUD trading 0.08% lower against the USD from yesterday’s close.

- advertisement -

Overnight data indicated that Australia’s consumer inflation expectations eased to 3.5% in January, compared to a level of 4.0% in the preceding month. Moreover, home loan approvals dropped 0.9% on a monthly basis in November, less than market expectations. Home loan approvals had climbed 2.2% in the previous month.

The pair is expected to find support at 0.7145, and a fall through could take it to the next support level of 0.7124. The pair is expected to find its first resistance at 0.7199, and a rise through could take it to the next resistance level of 0.7232.

In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.