AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.17% against the USD to close at 0.7279.
LME Copper prices rose 0.64% or $30.0/MT to $4715.0/MT. Aluminium prices declined 1.82% or $28.0/MT to $1507.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7302, with the AUD trading 0.31% higher from yesterday’s close.
Early morning data showed that private sector credit growth in Australia rose less-than-expected by 0.4% on a monthly basis in November, compared to an advance of 0.7% in the previous month. Markets were anticipating it to advance 0.6%.
The pair is expected to find support at 0.7280, and a fall through could take it to the next support level of 0.7258. The pair is expected to find its first resistance at 0.7314, and a rise through could take it to the next resistance level of 0.7327.
Going ahead, market participants will look forward to Australia’s AiG performance of manufacturing, services and construction indices, trade balance and retail sales data, all scheduled to release next week. Additionally, China’s Caixin manufacturing, services PMI and consumer price inflation data, due next week, will be closely watched by investors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
