AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.06% against the USD and closed at 0.6764 on Friday.
LME Copper prices declined 0.5% or $27.5/MT to $5854.0/MT. Aluminium prices rose 1.2% or $20.5/MT to $1785.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6776, with the AUD trading 0.18% higher against the USD from Friday’s close.
Overnight data showed that Australia’s AiG performance of manufacturing index eased to 48.1 in November, compared to a level of 51.6 in the prior month. In October, seasonally adjusted building approvals fell 8.1% on a monthly basis in Australia, more than market forecast and compared to a revised rise of 7.2% in the previous month. Additionally, the Commonwealth Bank manufacturing PMI declined to 49.9 in November, at par with market forecast. In the prior month, the index had registered a revised reading of 50.0.
Elsewhere, in China, Australia’s largest trading partner, the Caixin manufacturing PMI unexpectedly rose to a level of 51.8 in China. In the previous month, the PMI had registered a level of 51.7. Moreover, the NBS manufacturing PMI advanced to a level of 50.2 in November, more than market expectations and compared to a level of 49.3 in the previous month.
The pair is expected to find support at 0.6760, and a fall through could take it to the next support level of 0.6744. The pair is expected to find its first resistance at 0.6786, and a rise through could take it to the next resistance level of 0.6796.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
