AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.43% against the USD to close at 0.8731.
LME Copper prices declined 0.1% or $5.0/MT to $7235.0/MT. Aluminium prices declined 0.9% or $15.5/MT to $1711.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8787, with the AUD trading 0.64% higher from yesterday’s close, after data indicated that business conditions in Australia rose to a three-year high of 4.0 in December, from -3.0 in the previous month. Additionally, the business confidence in Australia remained unchanged at a level of 6.0 in December, from an upwardly revised similar reading recorded in the previous month.
Furthermore, the Conference Board Australia reported that the leading index in Australia increased 0.2% in November, compared to a 0.5% rise reported in the earlier month.
Separately, the National Bureau of Statistics of China indicated that the industrial profits in China on a year to date basis rose 12.2% for the January to December period of 2013, compared to a 13.2% increase reported for the first eleven months of 2013.
The pair is expected to find support at 0.8730, and a fall through could take it to the next support level of 0.8673. The pair is expected to find its first resistance at 0.8819, and a rise through could take it to the next resistance level of 0.8851.
With no more economic releases from Australia during the day, Aussie traders would shift their focus to tomorrow’s December Westpac leading index.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
