AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.11% against the USD to close at 0.8177.
Yesterday, data from China, Australia’s largest trading partner revealed that the NBS manufacturing PMI registered a drop to 50.10 in December, compared to market expectations of a fall to 50.00. In the previous month, the NBS manufacturing PMI had recorded a level of 50.30.
On Wednesday, LME Copper prices rose 0.5% or $29.0/MT to $ 6359.0/MT. Aluminium prices declined 0.2% or $3.5/MT to $ 1831.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8130, with the AUD trading 0.58% lower from yesterday’s close.
The pair is expected to find support at 0.8108, and a fall through could take it to the next support level of 0.8087. The pair is expected to find its first resistance at 0.8169, and a rise through could take it to the next resistance level of 0.8208.
Investors await the release of RBA Commodity Index SDR from Australia scheduled in a few minutes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
