AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.30% against the USD and closed at 0.7115 on Friday.
LME Copper prices rose 0.5% or $29.0/MT to $5840.0/MT. Aluminium prices rose 2.9% or $53.5/MT to $1879.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7135, with the AUD trading 0.28% higher against the USD from Friday’s close.
Overnight data showed that Australia’s AIG performance of manufacturing index dropped to a level of 49.5 in December, following a level of 51.3 in the previous month.
The pair is expected to find support at 0.7055, and a fall through could take it to the next support level of 0.6974. The pair is expected to find its first resistance at 0.7177, and a rise through could take it to the next resistance level of 0.7218.
Moving forward, traders would closely monitor Australia’s trade balance data for November, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
