AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.78% against the USD and closed at 0.6868 on Friday.
LME Copper prices rose 0.9% or $57.0/MT to $6154.0/MT. Aluminium prices rose 0.5% or $8.5/MT to $1763.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6877, with the AUD trading 0.13% higher against the USD from Friday’s close.
Elsewhere in China, Australia’s largest trading network, industrial production rose 6.2% on a yearly basis in November, compared to an increase of 4.7% in the previous month. Market participants had anticipated the industrial production to rise 5.0%. Moreover, the nation’s retail sales advanced 8.0% on an annual basis in November, surpassing market expectations for an increase of 7.6%. In the prior month, retail sales had recorded a rise of 7.2%.
The pair is expected to find support at 0.6851, and a fall through could take it to the next support level of 0.6825. The pair is expected to find its first resistance at 0.6916, and a rise through could take it to the next resistance level of 0.6955.
Looking ahead, traders would closely monitor the Reserve Bank of Australia meeting minutes along with Australia’s home loans for October, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
