AUD/USD: Aussie reverses its losses in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.7048 on Friday.

LME Copper prices rose 0.5% or $28.0/MT to $6018.0/MT. Aluminium prices declined 0.9% or $17.0/MT to $1881.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7061, with the AUD trading 0.18% higher against the USD from Friday’s close.

Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI unexpectedly dropped to a level of 49.4 in December, contracting for the first time in two years and amid continuous concerns over US-China trade dispute and global economic slowdown. In the prior month, the PMI had registered a reading of 50.0, while market participants had expected for an unchanged reading.

The pair is expected to find support at 0.7038, and a fall through could take it to the next support level of 0.7016. The pair is expected to find its first resistance at 0.7076, and a rise through could take it to the next resistance level of 0.7092.

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

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