AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded a tad lower against the USD to close at 0.8299.
LME Copper prices declined 1.00% or $64.5/MT to $6401.0/MT. Aluminium prices declined 0.77% or $15.0/MT to $1945.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8294, with the AUD trading 0.07% lower from yesterday’s close.
Earlier today, data from Australia’s biggest trading partner, China, showed that the annual inflation rate unexpectedly eased to a 5-year low of 1.4% in November from 1.6% in the preceding month. Additionally, the nation’s producer price index fell more than expected 2.7% on an annual basis in November, compared to a drop of 2.2% in the prior month.
Data from Australia indicated that home loan approvals in the nation advanced 0.3% on a monthly basis in October, higher than market expectations for an advance of 0.1% and after dropping by a revised 0.4% in September. Meanwhile, investment lending rose 1.0% on a monthly basis in October. It had risen by a revised 3.8% in the previous month.
Overnight data showed that Australia’s Westpac consumer confidence index dropped 5.7% on monthly basis, to a level of 91.1 in December, compared to a level of 96.6 registered in the previous month
The pair is expected to find support at 0.8221, and a fall through could take it to the next support level of 0.8148. The pair is expected to find its first resistance at 0.8370, and a rise through could take it to the next resistance level of 0.8446.
Going forward, investors look forward to Australia’s consumer inflation expectations, scheduled in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
