AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.35% against the USD to close at 0.8601.
LME Copper prices rose 0.46% or $31.0/MT to $6715.0/MT. Aluminium prices rose 0.47% or $9.5/MT to $2025.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8598, with the AUD trading a tad lower from yesterday’s close.
Early morning data indicated that, Australia’s foreign exchange transaction surplus narrowed to A$389.0 million in October, following a transaction surplus of A$910.0 million in the prior month.
Elsewhere in China, Australia’s biggest trading partner, manufacturing activity slowed down to a 6-month low of 50.0 in November, lower than market expectations of a drop to a level of 50.2 and compared to a reading of 50.4 registered in the preceding month.
The pair is expected to find support at 0.8562, and a fall through could take it to the next support level of 0.8527. The pair is expected to find its first resistance at 0.8657, and a rise through could take it to the next resistance level of 0.8717.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
