AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.23% against the USD to close at 0.7165, after Australia’s AiG performance of services index dropped for the third straight month to a level of 46.3 in December, its lowest since November 2014, following a reading of 48.2 in the previous month.
LME Copper prices rose 0.04% or $2.0 /MT to $4647.0 /MT. Aluminium prices rose 0.48% or $7.0 /MT to $1473.0 /MT.
In the Asian session, at GMT0400, the pair is trading at 0.7131, with the AUD trading 0.47% lower from yesterday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s Caixin services PMI index declined to a 17-month low level of 50.2 in December, compared to a reading of 51.2 in the previous month. On the other hand, the nation’s Westpac-MNI consumer sentiment index rose to a level of 113.7 in December, from a reading of 113.1 in the prior month.
The pair is expected to find support at 0.7086, and a fall through could take it to the next support level of 0.7041. The pair is expected to find its first resistance at 0.7197, and a rise through could take it to the next resistance level of 0.7262.
Going ahead, investors will look forward to Australia’s building permits and trade balance data, both for the month of November, scheduled to release in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
