AUD/USD: Aussie trading flat in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.14% against the USD and closed at 0.7317.

LME Copper prices rose 1.4% or $84.0/MT to $6282.0/MT. Aluminium prices rose 0.6% or $11.5/MT to $1933.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7317, with the AUD trading flat against the USD from yesterday’s close. Overnight data showed that Australia’s private sector credit demand growth recorded a steady reading of 0.4% on a monthly basis in October, meeting market forecast. Elsewhere, in China, Australia’s largest trading partner, the manufacturing PMI unexpectedly dropped to 50.0 in November, following a reading of 50.2 in the previous month.

The pair is expected to find support at 0.7295, and a fall through could take it to the next support level of 0.7274. The pair is expected to find its first resistance at 0.7341, and a rise through could take it to the next resistance level of 0.7366.

Moving forward, traders would closely monitor Australia’s CBA manufacturing PMI, building approvals and trade balance data, slated to release next week.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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