AUDUSD Movement
On Friday, the AUD weakened 0.19% against the USD to close at 0.8868.
LME Copper prices rose 0.4% or $29.0/MT to $ 7280.0/MT. Aluminium prices declined 0.5% or $8.0/MT to $ 1710.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8865, with the AUD trading marginally lower from Friday’s close.
This morning, the Chinese Premier, Li Keqiang assured that the Chinese government would maintain liquidity at an appropriate level in 2014 to ascertain the stability of financial markets and the broader economy. Furthermore, he indicated that China will continue to shore up growth and improve people’s livelihood.
The pair is expected to find support at 0.8821, and a fall through could take it to the next support level of 0.8777. The pair is expected to find its first resistance at 0.8920, and a rise through could take it to the next resistance level of 0.8975.
Tomorrow, the Reserve Bank of Australia (RBA) would release the data which would indicate private sector credit for the month of November. Meanwhile, during the end of the week, trading trends in the pair are expected to be determined by AiG performance of the manufacturing index, which would put light on the business conditions in the Australian manufacturing sector.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
