AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.19% against the USD and closed at 0.7457.
LME Copper prices rose 0.09% or $5.0/MT to $5856.0/MT. Aluminium prices declined 0.58% or $10.0/MT to $1718.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7434, with the AUD trading 0.31% lower from yesterday’s close, after Australia’s seasonally adjusted gross domestic product (GDP) dropped more-than-expected by 0.5% QoQ in the third quarter of 2016, contracting for the first time in more than five years, amid steep falls in business investment, housing construction and public spending. Meanwhile, markets expected the nation’s GDP to fall to 0.1% and compared to a revised rise of 0.6% in the prior quarter. Additionally, the nation’s AiG performance of construction index rose to a level of 46.6 in November. In the previous month, the AIG performance of construction index had registered a level of 45.9.
The pair is expected to find support at 0.7405, and a fall through could take it to the next support level of 0.7377. The pair is expected to find its first resistance at 0.7468, and a rise through could take it to the next resistance level of 0.7503.
Looking ahead, Australia’s trade balance figures, scheduled to release tomorrow, would be on investor’s radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
