AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.55% against the USD to close at 0.7221.
LME Copper prices declined 0.54% or $25.0/MT to $4567.5/MT. Aluminium prices declined 2.40% or $36.0/MT to $1462.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7224, with the AUD trading marginally higher from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index registered a drop of 0.8% MoM to a level of 100.8 in December, compared to a level of 101.7 in the previous month.
Early this morning, data showed that home loan approvals in Australia dropped less-than-expected by 0.5% in October, compared to an advance of 2.0% in the previous month. Investors had expected it to decline 1.0%.
Elsewhere, in China, Australia’s largest trading partner, consumer price inflation remained flat on a monthly basis in November, against investor expectation for a drop of 0.1%, and after falling by 0.3% in the previous month.
The pair is expected to find support at 0.7190, and a fall through could take it to the next support level of 0.7155. The pair is expected to find its first resistance at 0.7256, and a rise through could take it to the next resistance level of 0.7288.
Going ahead, market participants will concentrate on Australia’s unemployment rate data for November, 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.
