AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.48% against the USD and closed at 0.6850.
LME Copper prices declined 0.7% or $43.5/MT to $5812.0/MT. Aluminium prices rose 0.7% or $12.5/MT to $1802.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6831, with the AUD trading 0.28% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s seasonally adjusted gross domestic product (GDP) rose 0.4% on a quarterly basis in 3Q 2019, undershooting market expectations for a rise of 0.5%. In the prior quarter, GDP had recorded a revised increase of 0.6%. Additionally, the nation’s AiG performance of services index declined to a level of 53.7 in November. In the prior month, the index had recorded a revised level of 55.2.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index advanced to a 7-month high level of 53.5 in November, higher than market expectations for a rise to a level of 52.7. In the previous month, the PMI index had registered a reading of 51.1.
The pair is expected to find support at 0.6812, and a fall through could take it to the next support level of 0.6793. The pair is expected to find its first resistance at 0.6856, and a rise through could take it to the next resistance level of 0.6881.
Going forward, traders would closely monitor Australia’s trade balance data and retail sales for October, slated to release overnight.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
