AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.58% against the USD and closed at 0.7496.
LME Copper prices declined 1.15% or $67.0/MT to $5757.0/MT. Aluminium prices rose 0.40% or $7.0/MT to $1749.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7491, with the AUD trading 0.07% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s NAB business confidence index inched higher to a level of 5.0 in November, following a reading of 4.0 in the prior month. Meanwhile, the nation’s house price index rose 1.5% on a quarterly basis in 3Q 2016, lower than market expectations for an advance of 2.5%. In the prior quarter, the house price index had climbed 2.0%. On the other hand, the NAB business conditions index dropped to its lowest level since April 2015, after it fell to a level of 5.0 in November, compared to a revised level of 7.0 in the previous month.
Elsewhere, in China, Australia’s largest trading partner, annual industrial production surprisingly advanced 6.2% in November, while markets expected it to record an unchanged reading of 6.1%. Moreover, the nation’s retail sales climbed more-than-expected by 10.8% YoY in November, rising at its fastest pace in a year, thus suggesting that the world’s second-largest economy is ending the year on a stronger footing. Markets expected retail sales to advance 10.2%, following a gain of 10.0% in the prior month.
The pair is expected to find support at 0.745, and a fall through could take it to the next support level of 0.7408. The pair is expected to find its first resistance at 0.7523, and a rise through could take it to the next resistance level of 0.7554.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
