AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.16% against the USD to close at 0.9132.
LME Copper prices declined 0.9% or $63.5/MT to $ 6945.0/MT. Aluminium prices declined 0.3% or $4.5/MT to $ 1695.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9069, with the AUD trading 0.69% lower from yesterday’s close.
This morning, the Australian Dollar fell after the Bureau of Statistics showed that the country’s gross domestic product grew at a seasonally adjusted 2.3% (YoY) in the third quarter of 2013, lesser than market estimate of a rise of 2.6% and slower compared to a revised 2.4% increase recorded in the second quarter of 2013. Additionally, on a seasonally adjusted quarterly basis, GDP rose 0.6% in the third quarter of this year, after expanding by a revised 0.7% in the second quarter. The Aussie was further weighed down after the Chinese services PMI came in at a level of 52.5 in November, below 52.6 recorded in October.
The pair is expected to find support at 0.9026, and a fall through could take it to the next support level of 0.8983. The pair is expected to find its first resistance at 0.9130, and a rise through could take it to the next resistance level of 0.9191.
Investors would await the trade balance data to be released tomorrow for further direction of the Australian Dollar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
