AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded flat against the USD and closed at 0.7016.
LME Copper prices declined 0.4% or $27.5/MT to $6156.0/MT. Aluminium prices rose 0.5% or $9.0/MT to $1800.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7006, with the AUD trading 0.14% lower against the USD from yesterday’s close.
Data showed that Australia’s Commonwealth Bank manufacturing PMI fell to 49.2 in December, compared to a reading of 49.4 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin manufacturing PMI for December dropped more than expected to 51.5 in December, following a reading of 51.8 in the prior month.
The pair is expected to find support at 0.6999, and a fall through could take it to the next support level of 0.6993. The pair is expected to find its first resistance at 0.7018, and a rise through could take it to the next resistance level of 0.7031.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
