AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded flat against the USD and closed at 0.6998.
LME Copper prices declined 0.4% or $27.5/MT to $6183.5/MT. Aluminium prices rose 0.1% or $2.0/MT to $1791.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7003, with the AUD trading 0.07% higher against the USD from yesterday’s close.
Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI remained unchanged at a level of 50.2 in December, defying market expectations for a drop to a level of 50.1.
The pair is expected to find support at 0.6989, and a fall through could take it to the next support level of 0.6975. The pair is expected to find its first resistance at 0.7012, and a rise through could take it to the next resistance level of 0.7021.
Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
