AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.16% against the USD to close at 0.8906, recovering from earlier losses due to weak manufacturing PMI report from China, Australia’s largest trading partner.
LME Copper prices rose 0.6% or $45.0/MT to $7439.5/MT. Aluminium prices declined 0.5% or $9.0/MT to $1755.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8966, with the AUD trading 0.67% higher from yesterday’s close. Early morning, an official report from China showed that non-manufacturing PMI in the nation declined to a reading of 54.6 in December, following a reading of 56.0 registered in the previous month.
The pair is expected to find support at 0.8878, and a fall through could take it to the next support level of 0.8791. The pair is expected to find its first resistance at 0.9016, and a rise through could take it to the next resistance level of 0.9067.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
