AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.88% against the USD and closed at 0.7003.
LME Copper prices declined 0.5% or $28.0/MT to $5811.0/MT. Aluminium prices declined 1.8% or $32.5/MT to $1825.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7029, with the AUD trading 0.37% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s CBA services PMI rose to a level of 52.7 in December, compared to a reading of 52.2 in the preceding month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index unexpectedly climbed to a level of 53.9, defying market anticipations for a decline to a level of 53.0. In the preceding month, the PMI index had registered a reading of 53.8.
The pair is expected to find support at 0.6963, and a fall through could take it to the next support level of 0.6896. The pair is expected to find its first resistance at 0.7063, and a rise through could take it to the next resistance level of 0.7096.
Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
