AUDUSD Movement
On Friday, the AUD strengthened 0.36% against the USD to close at 0.8954.
LME Copper prices rose 0.8% or $60.5/MT to $ 7230.0/MT. Aluminium prices declined 0.5% or $9.5/MT to $ 1759.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8957, with the AUD trading marginally higher from Friday’s close.
The Markit Economics and HSBC indicated that the China’s flash manufacturing PMI fell to 50.5 in December from 50.8 in November. The index was expected to show an expansion of 50.9 for the month.
The pair is expected to find support at 0.8921, and a fall through could take it to the next support level of 0.8886. The pair is expected to find its first resistance at 0.8979, and a rise through could take it to the next resistance level of 0.9002.
With no economic releases from Australia today, trading trends would be determined by global news. However, tomorrow the Reserve Bank of Australia (RBA) would be releasing its minutes of its December’s meeting which would be on trader’s radar.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
