AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.49% against the USD to close at 0.8212, amid a broad strength in the greenback.
LME Copper prices rose 0.51% or $33.5/MT to $6560.0/MT. Aluminium prices declined 0.08% or $1.5/MT to $1916.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8232, with the AUD trading 0.25% higher from yesterday’s close.
Early this morning, the RBA minutes from its recent monetary policy meeting indicated that the central bank was reluctant to ease its current monetary policy any further, despite growing expectations of an interest rate cut in 2015. The minutes also revealed that the central bank continued to express its concern over the elevated value of the Aussie.
Elsewhere, in China, Australia’s biggest trading partner, the HSBC manufacturing PMI slipped to a level of 49.5 in December, marking its first contraction in 7-months and compared to previous month’s reading of 50.0. Market expectations were for it to drop to a level of 49.8.
The pair is expected to find support at 0.8198, and a fall through could take it to the next support level of 0.8163. The pair is expected to find its first resistance at 0.8268, and a rise through could take it to the next resistance level of 0.8304.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
