AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined marginally against the USD and closed at 0.7003.
LME Copper prices rose 2.10% or $92.0/MT to $4468.0/MT. Aluminium prices rose 1.87% or $27.5/MT to $1497.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7015, with the AUD trading 0.18% higher from Friday’s close.
Early this morning, data indicated that Australia’s business confidence fell to a level of 3.0 in December, compared to a reading of 5.0 in the previous month. Additionally, the business conditions index dropped to 7.0 in December, from 10.0 in November.
The pair is expected to find support at 0.6981, and a fall through could take it to the next support level of 0.6947. The pair is expected to find its first resistance at 0.7049, and a rise through could take it to the next resistance level of 0.7082.
Going forward, investors look forward to the release of Australia’s inflation data, scheduled in the early hours on Wednesday.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
