AUDUSD Movement
On Friday, the AUD weakened 0.25% against the USD to close at 0.8506.
Over the weekend, data from Australia indicated that the nations’ AiG performance of manufacturing index expanded to a level of 50.1 in November from preceding month’s reading of 49.4.
LME Copper prices declined 1.60% or $106.0/MT to $6515.5/MT. Aluminium prices declined 1.31% or $27.5/MT to $2071.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.845, with the AUD trading 0.66% lower from Friday’s close.
Early morning data indicated that, in China, Australia’s biggest trading partner, the NBS manufacturing PMI eased more-than-expected to an 8-month low of 50.3 in November, compared to prior month’s mark of 50.8. Meanwhile, the nation’s HSBC manufacturing PMI remained unchanged at a level of 50.0 in November, in line with market forecasts.
Elsewhere, in Australia, company operating profits registered an unexpected rise of 10.2% on a quarterly basis in 3Q 2014, beating market forecasts for a fall of 1.3%. In the previous quarter, company’s operating profits had registered a revised drop of 7.5%.
The pair is expected to find support at 0.8397, and a fall through could take it to the next support level of 0.8345. The pair is expected to find its first resistance at 0.8521, and a rise through could take it to the next resistance level of 0.8593.
Going forward, market participants await the RBA’s interest rate decision, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
