AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.45% against the USD and closed at 0.7303 on Friday.
LME Copper prices declined 1.2% or $64.5/MT to $5546.5/MT. Aluminium prices rose 0.7% or $12.5/MT to $1722.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7310, with the AUD trading 0.1% higher against the USD from Friday’s close.
Overnight data indicated that Australia’s AiG performance of construction index climbed to a level of 47.0 in December, but remained in the contraction territory, compared to a reading of 46.6 in the previous month.
Further, the nation’s building approvals rebounded more-than-expected by 7.0% on a monthly basis in November, compared to a revised drop of 11.8% in the prior month, whereas market were anticipating building approvals to climb 4.5%.
The pair is expected to find support at 0.7278, and a fall through could take it to the next support level of 0.7245. The pair is expected to find its first resistance at 0.7349, and a rise through could take it to the next resistance level of 0.7387.
Looking ahead, market participants will look forward to Australia’s retail sales for November, due to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
