AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.78% against the USD to close at 0.8922.
LME Copper prices rose 0.2% or $12.0/MT to $ 7387.0/MT. Aluminium prices rose 1.0% or $17.5/MT to $ 1771.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8938, with the AUD trading 0.18% higher from yesterday’s close.
This morning, the Reserve Bank of Australia (RBA) reported that on an annual basis, private sector credit in Australia rose 3.8% in November, the most since November 2012, and compared to a 3.5% increase in the previous month.
Meanwhile, the People’s Bank of China (PBoC) issued a statement wherein it pledged to maintain appropriate liquidity and achieve reasonable growth in credit and social financing while continue a prudent monetary policy stance.
The pair is expected to find support at 0.8870, and a fall through could take it to the next support level of 0.8801. The pair is expected to find its first resistance at 0.8974, and a rise through could take it to the next resistance level of 0.9009.
As no other economic releases in Australia are due ahead in the day, investors would keep a close watch on tomorrow’s AiG performance of manufacturing index for December.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
