AUD/USD: Australia’s Westpac leading index eased in December


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.36% against the USD and closed at 0.7124.

LME Copper prices declined 0.4% or $25.0/MT to $5926.5/MT. Aluminium prices rose 1.4% or $25.0/MT to $1867.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7136, with the AUD trading 0.17% higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s Westpac leading index slid 0.21% on a monthly basis in December, following a decline of 0.09% in the prior month.

The pair is expected to find support at 0.7118, and a fall through could take it to the next support level of 0.7100. The pair is expected to find its first resistance at 0.7152, and a rise through could take it to the next resistance level of 0.7168.

Looking ahead, investors would await Australia’s CBA manufacturing and services PMI’s for January, scheduled to release overnight.

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

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