AUDUSD Movement
On Friday, the AUD strengthened 1.09% against the USD to close at 0.8198.
LME Copper prices declined 1.28% or $79.5/MT to $6151.0/MT. Aluminium prices rose 1.21% or $21.5/MT to $1798.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8248, with the AUD trading 0.61% higher from Friday’s close.
Early morning data showed that home loans in Australia unexpectedly retreated 0.7% in November, compared to market expected rise of 1.7% and following a revised advance of 0.2% recorded in the previous month. Also, investment lending in the nation recorded a drop of 2.2% in November, following a revised 0.5% increase registered in the prior month. Other data showed that job advertisements in the nation advanced for a seventh consecutive month in December, while purchases through credit card declined in November.
The pair is expected to find support at 0.8158, and a fall through could take it to the next support level of 0.8067. The pair is expected to find its first resistance at 0.8295, and a rise through could take it to the next resistance level of 0.8342.
Meanwhile, market participants await Australia’s unemployment data, scheduled later this week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
