AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.37% against the USD to close at 0.7921.
LME Copper prices declined 1.63% or $91.0/MT to $5490.0/MT. Aluminium prices declined 0.68% or $12.5/MT to $1818.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7935, with the AUD trading 0.18% higher from yesterday’s close.
Early morning data showed, that the NAB’s business confidence index in Australia rose to a level of 2.0 in December, from prior month’s reading of 1.0, while the nation’s business conditions dropped to 4.0 in December, following a level of 5.0 registered in November.
Elsewhere, in China, industrial profits eased 8.0% on a YoY basis in December. In the prior month, industrial profits had declined 4.2%.
The pair is expected to find support at 0.7892, and a fall through could take it to the next support level of 0.7848. The pair is expected to find its first resistance at 0.7958, and a rise through could take it to the next resistance level of 0.7981.
Going forward, investors await Australia’s inflation data, scheduled in the early hours tomorrow, for further cues.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
