AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.98% against the USD to close at 0.7196.
LME Copper prices rose 2.08% or $95.0/MT to $4667.0/MT. Aluminium prices rose 1.42% or $21.0/MT to $1500.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7195, with the AUD trading marginally lower from Friday’s close.
Over the weekend, in China, Australia’s largest trading partner, data indicated retail sales and industrial production surpassed investor expectations in November. Retail sales in China rose 11.2% YoY in November, its highest reading in 2015, against investor expectations for a 11.1% growth after rising by 11.0% in the previous month. Additionally, the nation’s industrial production rose at a faster-than-expected pace by 6.2% YoY in November, compared to market expectations of it to remain steady at 5.6%.
The pair is expected to find support at 0.7147, and a fall through could take it to the next support level of 0.7099. The pair is expected to find its first resistance at 0.7254, and a rise through could take it to the next resistance level of 0.7314.
Going ahead, market participants will look forward to the RBA’s December meeting minutes and Australia’s Q3 house price index data, scheduled to be released in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
