AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.57% against the USD to close at 0.8448.
In economic news, Australia’s AiG performance of service index rose to 43.8 in November from prior month’s level of 43.6.
LME Copper prices rose 1.10% or $70.0/MT to $6455.0/MT. Aluminium prices declined 0.30% or $6.0/MT to $2015.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8394, with the AUD trading 0.64% lower from yesterday’s close.
Earlier today, data indicated that Australia’s GDP advanced 0.3% on a quarterly basis in 3Q 2014, lower than market expectations for a rise of 0.7% and following a growth of 0.5% registered in the prior quarter.
Elsewhere, in China, Australia’s biggest trading partner, the HSBC services PMI edged up to a reading of 53.0 in November, compared to previous month’s level of 52.9. Additionally, the nation’s NBS non-manufacturing PMI climbed to 53.9 in November, following a level of 53.8 registered in October.
The pair is expected to find support at 0.8339, and a fall through could take it to the next support level of 0.8285. The pair is expected to find its first resistance at 0.8496, and a rise through could take it to the next resistance level of 0.8599.
Meanwhile, market participants look forward to Australia’s retail sales as well as trade balance data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
