AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.25% against the USD and closed at 0.8015.
Yesterday, the IMF forecasted that China, Australia’s largest trading partner, is expected to grow at 6.6% this year before slipping to 6.4% in 2019.
LME Copper prices declined 0.4% or $30.0/MT to $7049.0/MT. Aluminium prices declined 0.9% or $21.0/MT to $2235.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7988, with the AUD trading 0.34% lower against the USD from yesterday’s close.
The pair is expected to find support at 0.7972, and a fall through could take it to the next support level of 0.7956. The pair is expected to find its first resistance at 0.8017, and a rise through could take it to the next resistance level of 0.8046.
Moving ahead, traders would focus on Australia’s Westpac leading index for December, due to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
