AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.97% against the USD to close at 1.0492, after US policymakers forged a deal to avoid huge tax increases and spending cuts, fueling demand for riskier investments.
LME Copper prices rose 2.1% or $170.0/MT to $8084.75/MT. Aluminium prices rose 2.6% or $53.5/MT to $2093.25/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0491, with the AUD trading flat from yesterday’s close.
Data released this morning showed that the China’s official non-manufacturing Purchasing Managers’ Index (PMI) climbed to a reading of 56.1 in December, compared to a reading of 55.6 reported in November.
The pair is expected to find support at 1.0460, and a fall through could take it to the next support level of 1.0429. The pair is expected to find its first resistance at 1.0522, and a rise through could take it to the next resistance level of 1.0554.
The pair is expected to trade on the cues from the release of AiG Performance of Service Index in Australia, later today.
The currency pair is converging with its 20 Hr and trading above its 50 Hr moving average.
