AUDUSD Movement
On Friday, the AUD strengthened 0.77% against the USD to close at 0.8976.
LME Copper prices declined 1.0% or $17.0/MT to $1738.5/MT. Aluminium prices fell 1.4% or $104.0/MT to $7335.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8948, with the AUD trading 0.31% lower from Friday’s close. Early morning, the AiG performance of services index in Australia declined to a reading of 46.1 in December, from a level of 48.9, registered in the previous month. Likewise, a report from China, Australia’s largest trading partner, showed that the HSBC services PMI fell to a level of 50.9 in the month of December, following previous month’s reading of 52.5.
The pair is expected to find support at 0.8920, and a fall through could take it to the next support level of 0.8893. The pair is expected to find its first resistance at 0.8991, and a rise through could take it to the next resistance level of 0.9035.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
