AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.07% against the USD and closed at 0.7507 on Friday.
LME Copper prices rose 0.1% or $8.0/MT to $6538.5/MT. Aluminium prices declined 0.1% or $2.0/MT to $1992.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7521, with the AUD trading 0.19% higher against the USD from Friday’s close.
Over the weekend, data revealed that in China, Australia’s largest trading partner, the consumer price index (CPI) rose 1.7% on a yearly basis in November, falling short of market expectations for a rise of 1.8% and compared to a gain of 1.9% in the prior month. Moreover, the nation’s producer price index (PPI) climbed 5.8% on an annual basis in November, meeting market consensus and compared to a rise of 6.9% in the prior month.
The pair is expected to find support at 0.7504, and a fall through could take it to the next support level of 0.7487. The pair is expected to find its first resistance at 0.7536, and a rise through could take it to the next resistance level of 0.7551.
Moving ahead, Australia’s NAB business confidence index for November, scheduled to release overnight, will be on investors’ radar.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
