AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.17% against the USD and closed at 0.7249.
LME Copper prices rose 0.1% or $4.0/MT to $6246.0/MT. Aluminium prices declined 0.2% or $3.5/MT to $1941.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7255, with the AUD trading 0.08% higher against the USD from yesterday’s close.
Overnight data indicated that, Australia’s CBA flash manufacturing PMI remained unchanged at a level of 54.5 in November. Moreover, the nation’s preliminary services PMI rose to a level of 52.6 in November, compared to a level of 51.7 in the preceding month.
The pair is expected to find support at 0.7239, and a fall through could take it to the next support level of 0.7223. The pair is expected to find its first resistance at 0.7266, and a rise through could take it to the next resistance level of 0.7277.
In absence of key economic releases in Australia today, traders would keep an eye on global macroeconomic releases for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
