AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 0.8968.
LME Copper prices eased 0.3% or $22.0/MT to $7313.5/MT. Aluminium prices fell 1.2% or $21.0/MT to $1717.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8922, with the AUD trading 0.51% lower from yesterday’s close. Early morning, the Australian Bureau of Statistics reported that Australia’s trade deficit narrowed to A$118 million in November, more than analysts’ expectations for the deficit to narrow to A$300 million, from a level of A$358 million registered in the preceding month.
The pair is expected to find support at 0.8902, and a fall through could take it to the next support level of 0.8883. The pair is expected to find its first resistance at 0.8959, and a rise through could take it to the next resistance level of 0.8997.
Investors are expected to keep a close watch on the release of AiG performance of construction index, which would provide a brief insight into the short and medium term conditions of the construction market in Australia.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
