AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.11% against the USD and closed at 0.6866.
LME Copper prices rose 0.6% or $37.0/MT to $6134.5/MT. Aluminium prices rose 0.2% or $3.0/MT to $1794.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6872, with the AUD trading 0.09% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index eased to a six-and-a-half-year low level of 38.9 in December, following a level of 40.0 in the previous month. Meanwhile, the nation’s seasonally adjusted building approvals rose 11.8% on a monthly basis in November, more than market expectations for a rise of 0.4%. Building approvals had registered a revised drop of 7.9% in the previous month.
The pair is expected to find support at 0.6835, and a fall through could take it to the next support level of 0.6798. The pair is expected to find its first resistance at 0.6924, and a rise through could take it to the next resistance level of 0.6976.
Going ahead, traders would keep an eye on Australia’s trade balance data for November, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
