AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.16% against the USD to close at 0.8087, rebounding from its previous session losses.
LME Copper prices declined 1.47% or $93.0/MT to $6216.0/MT. Aluminium prices declined 1.56% or $28.5/MT to $1793.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8136, with the AUD trading 0.6% higher from yesterday’s close.
Early morning data showed that Australia’s trade deficit expanded less than expected to A$925.0 million in November, from a revised deficit of A$877.0 million recorded in the previous month. Markets were expecting the nation’s trade deficit to increase to A$1600.0 million.
Elsewhere, in China, Australia’s biggest trading partner, the services PMI notched a 3-month high reading of 53.4 in December, up from 53.0 registered in the preceding month.
The pair is expected to find support at 0.8063, and a fall through could take it to the next support level of 0.799. The pair is expected to find its first resistance at 0.8181, and a rise through could take it to the next resistance level of 0.8226.
Looking ahead, investors await Australia’s AiG performance of service index data, scheduled in the late hours today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
