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Aussie down with a fall in copper prices

Wednesday, Jan 14 2015
Aussie is spending morning part of the Wednesday's session in decline. There were no data releases from Australia, however, decline was supported by the downtrend in copper prices, which fell 6.5% this morning, extending recent loses. Copper and gold prices are of major impact on Aussie since Australia is one of the leading exporters of these metals.
 
Copper is often considered a barometer of industrial demand, so the slump leant extra gravitas to news the World Bank had cut its 2015 growth forecasts blaming sluggishness in the euro zone, Japan and some major emerging economies. Australia's main index fell 0.9%, with mining shares taking an added blow from the drop in copper.
 
Aussie is currently being traded slightly below 0.81 handle. Pair is likely to find support around 0.8050 level and resistance above 0.8150 area. Later today, in the US session, Retail Sales figures are scheduled for a release.
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