AUD/USD: Aussie extends its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.24% against the USD and closed at 0.7338.

LME Copper prices declined 0.5% or $29.0/MT to $6278.0/MT. Aluminium prices rose/declined 0.1% or $2.5/MT to $1985.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7296, with the AUD trading 0.57% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s seasonally adjusted gross domestic product (GDP) advanced 0.3% on a quarterly basis in 3Q 2018, undershooting market consensus for an advance of 0.6%. In the previous quarter, GDP had recorded a rise of 0.9%. Furthermore, the nation’s AIG performance of services index climbed to a level of 55.1 in November, following a level of 51.1 in the prior month. Moreover, the CBA services PMI rose to a level of 53.7 in November, compared to a reading of 52.6 in the preceding month.

Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index unexpectedly increased to a level of 53.8 in November, defying market anticipation for a fall to a level of 50.7. In the previous month, the index had registered a level of 50.8.

The pair is expected to find support at 0.7263, and a fall through could take it to the next support level of 0.7229. The pair is expected to find its first resistance at 0.7362, and a rise through could take it to the next resistance level of 0.7427.

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

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