AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.21% against the USD and closed at 0.7302 on Friday.
LME Copper prices declined 0.7% or $44.0/MT to $6238.0/MT. Aluminium prices rose 0.1% or $2.0/MT to $1935.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7369, with the AUD trading 0.92% higher against the USD from Friday’s close.
Overnight data showed that Australia’s AIG performance of manufacturing index fell to a level of 51.3 in November, following a reading of 58.3 in the previous month. Moreover, the nation’s seasonally adjusted building approvals plunged 13.4% on a yearly basis in October, compared to a revised drop of 12.8% in the previous month. Market participants had expected building approvals to drop 14.0%. On the contrary, the CBA manufacturing PMI rose to a level of 54.6 in November, compared to a reading of 54.5 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index unexpectedly rose to a level of 50.2 in November, compared to market consensus for a steady reading. The PMI index had registered a level of 50.1 in the previous month.
The pair is expected to find support at 0.7309, and a fall through could take it to the next support level of 0.7250. The pair is expected to find its first resistance at 0.7404, and a rise through could take it to the next resistance level of 0.7440.
Going forward, traders would keep an eye on the Reserve Bank of Australia’s interest rate decision slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
