AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.45% against the USD and closed at 0.7211.
LME Copper prices rose 0.5% or $28.0/MT to $5514.0/MT. Aluminium prices declined 0.8% or $13.5/MT to $1713.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7230, with the AUD trading 0.26% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s private sector credit climbed 0.5% MoM in November, in line with market expectations. In the previous month, the private sector credit had registered a similar rise.
The pair is expected to find support at 0.7197, and a fall through could take it to the next support level of 0.7163. The pair is expected to find its first resistance at 0.7255, and a rise through could take it to the next resistance level of 0.7279.
Next week, market participants await the release of Australia’s AiG performance of manufacturing and services indices, coupled with the nation’s trade balance figures for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
