AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.07% against the USD and closed at 0.7223.
LME Copper prices rose 0.7% or $45.0/MT to $6196.0/MT. Aluminium prices declined 0.2% or $4.0 /MT to $1924.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7193, with the AUD trading 0.42% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s CBA manufacturing PMI slid to a level of 53.7 in December, following a reading of 54.6 in the previous month. Additionally, the CBA services PMI declined to a reading of 52.2 in December, compared to a reading of 53.7 in the prior month.
Elsewhere, in China, Australia’s largest trading partner, industrial production registered a less-than-expected rise of 5.4% on a yearly basis in November. Industrial production had registered a rise of 5.9% in the prior month. Additionally, retail sales advanced 8.1% in November, undershooting market forecast for a rise of 8.8% and compared to an advance of 8.6% in the previous month.
The pair is expected to find support at 0.7166, and a fall through could take it to the next support level of 0.7138. The pair is expected to find its first resistance at 0.7234, and a rise through could take it to the next resistance level of 0.7274.
Moving ahead, Australia’s Westpac leading index, unemployment rate and the Reserve Bank of Australia’s meeting minutes, all slated to release next week, would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving average.
