AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.47% against the USD and closed at 0.7233.
LME Copper prices declined 0.8% or $50.0/MT to $6112.0/MT. Aluminium prices declined 1.1% or $21.5/MT to $1945.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7237, with the AUD trading 0.06% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s AIG performance of construction index eased to a level of 44.5 in November, compared to a reading of 46.4 in the prior month.
The pair is expected to find support at 0.7206, and a fall through could take it to the next support level of 0.7174. The pair is expected to find its first resistance at 0.7255, and a rise through could take it to the next resistance level of 0.7272.
Looking forward, investors would keep an eye on Australia’s Westpac consumer confidence, house price index, consumer inflation expectations, CBA manufacturing and services PMIs, all set to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
