AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.06% against the USD and closed at 0.8093.
LME Copper prices declined 0.02% or $1.5/MT to $7062.0/MT. Aluminium prices rose 0.6% or $13.5/MT to $2251.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8085, with the AUD trading 0.1% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index advanced to a level of 11.0 in December, surging to its highest level since July 2017, suggesting that the economic outlook remains bright for the business sector. In the prior month, the index had recorded a revised level of 7.0. Moreover, the nation’s NAB business conditions index remained unchanged at a level of 13.0 in December.
The pair is expected to find support at 0.8067, and a fall through could take it to the next support level of 0.805. The pair is expected to find its first resistance at 0.8104, and a rise through could take it to the next resistance level of 0.8124.
Going ahead, traders would look forward to Australia’s consumer price index for 4Q, scheduled to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
