AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.10% against the USD to close at 0.8898.
LME Copper prices declined 1.2% or $86.0/MT to $7282.0/MT. Aluminium prices fell 1.4% or $23.5/MT to $1713.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8908, with the AUD trading 0.11% higher from yesterday’s close. Earlier today, in Australia, a report showed that the HIA new home sales rose 7.5% (MoM) in November, from a 3.8% drop seen in the preceding month. Separately, a report from China, Australia’s largest trading partner, revealed that trade surplus in the nation narrowed to $25.600 billion in December, more than analysts’ estimate for a decline to $31.150 billion, from previous month’s surplus of $33.801 billion.
The pair is expected to find support at 0.8879, and a fall through could take it to the next support level of 0.8849. The pair is expected to find its first resistance at 0.8925, and a rise through could take it to the next resistance level of 0.8941.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
