AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.16% against the USD to close at 0.9091. The US Dollar advanced against the Aussie after three of the top Fed policymakers, suggested the central bank to scale back its $85 billion monthly asset-purchase programme at its December 17-18 meeting.
LME Copper prices rose 0.4% or $28.0/MT to $7141.0/MT. Aluminium prices advanced 1.2% or $20.5/MT to $1749.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9104, with the AUD trading 0.14% higher from yesterday’s close. Earlier today, the Australian Bureau of Statistics reported that home loans in the nation rose 1.0% (MoM), in-line with market estimates and compared to a 3.5% rise recorded in the preceding month. Separately, the National Australia Bank reported that its index on the nation’s business confidence fell to a reading of 5.0 in November, from the previous month’s level of 6.0. Meanwhile, a report from China, Australia’s largest trading partner, showed that industrial production in the nation rose 10.0% (YoY) in November, less than market expectations for a 10.1% rise and compared to a 10.3% (YoY) increase registered in October. Another report from China revealed that retail sales in the nation rose more-than-expected 13.7% (YoY) in November, following a 13.3% increase seen in the preceding month.
The pair is expected to find support at 0.9076, and a fall through could take it to the next support level of 0.9047. The pair is expected to find its first resistance at 0.9126, and a rise through could take it to the next resistance level of 0.9147.
Investors keenly await the release of Westpac consumer confidence data, due later today, for further guidance in the Aussie.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
