AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally rose against the USD and closed at 0.7144.
LME Copper prices rose 0.3% or $15.0/MT to $5904.5/MT. Aluminium prices declined 1.1% or $21.0/MT to $1837.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7159, with the AUD trading 0.21% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of services index eased to a level of 52.1 in December, compared to a reading of 55.1 in the previous month. Moreover, the nation’s seasonally adjusted building approvals sharply plunged 9.1% on a monthly basis in November, hitting its lowest level in 5-years, affected by weaker demand and declining house prices. In the prior month, building approvals had registered a drop of 1.5%, while market participants had envisaged for a fall of 0.3%.
The pair is expected to find support at 0.7127, and a fall through could take it to the next support level of 0.7095. The pair is expected to find its first resistance at 0.7181, and a rise through could take it to the next resistance level of 0.7203.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
