AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.65% against the USD to close at 0.8265, amid a broad strengthening in the greenback.
LME Copper prices declined 0.07% or $4.5/MT to $6471.5/MT. Aluminium prices declined 0.74% or $14.5/MT to $1935.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8264, with the AUD trading marginally lower from yesterday’s close.
In economic news, in China, Australia’s biggest trading partner, industrial production rose 7.2% on a YoY basis in November, lower than market expectations for a 7.5% gain and compared to an increase of 7.7% registered in October. On the other hand, the nation’s retail sales grew 11.7% on an annual basis in November, beating market forecasts for an advance to 11.5%.
The pair is expected to find support at 0.8205, and a fall through could take it to the next support level of 0.8146. The pair is expected to find its first resistance at 0.8333, and a rise through could take it to the next resistance level of 0.8402.
Meanwhile, investors would closely monitor the RBA minutes from its latest monetary policy meeting, scheduled in the early hours on Monday.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
