AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.15% against the USD to close at 0.7120.
LME Copper prices declined 0.72% or $33.0/MT to $4550.0/MT. Aluminium prices rose 0.30% or $4.5/MT to $1482.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7132, with the AUD trading 0.17% higher from yesterday’s close.
Early morning data showed that in China, Australia’s largest trading partner, the house price index advanced 0.9% in November, compared to a rise of 0.1% in the previous month. Additionally, the nation’s MNI business sentiment index rose to a level of 52.7 in December, following a reading of 49.9 in the prior month.
The pair is expected to find support at 0.7080, and a fall through could take it to the next support level of 0.7029. The pair is expected to find its first resistance at 0.7200, and a rise through could take it to the next resistance level of 0.7269.
Moving ahead, investors will look forward to Australia and China’s CB leading index data, scheduled to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
