AUDUSD Movement
On Friday, the AUD strengthened 0.32% against the USD to close at 0.9108.
LME Copper prices rose 0.6% or $39.0/MT to $7027.0/MT. Aluminium prices advanced 0.6% or $10.0/MT to $1711.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9152, with the AUD trading 0.48% higher from Friday’s close, after a report from China, Australia’s largest trading partner, showed that the NBS manufacturing PMI in the nation stood at previous month’s reading of 51.4 in November, defying analysts’ projection for the index to decline to a level of 51.1. Separately, another report showed that the HSBC manufacturing PMI of China, edged down to a level of 50.8 in November, less than market expectations for a fall to 50.5, from previous month’s reading of 50.9.
Meanwhile, in Australia, the AiG performance of the manufacturing index declined to a level of 47.7 in November, from a reading of 53.2 recorded in the earlier month. Another official report revealed that building permits in the nation declined 1.8% (MoM) in October, lesser than market estimate for a 5.0% fall and compared to a 16.9% surge registered in the preceding month.
The pair is expected to find support at 0.9096, and a fall through could take it to the next support level of 0.9041. The pair is expected to find its first resistance at 0.9186, and a rise through could take it to the next resistance level of 0.9221.
Traders would keenly look forward to the much awaited, the Reserve Bank of Australia’s (RBA) interest rate decision, due tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
