AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.34% against the USD to close at 0.7300.
LME Copper prices declined 0.65% or $30.0/MT to $4589.0/MT. Aluminium prices rose 1.25% or $18.0/MT to $1460.0/MT.
In economic news, Australia’s AiG performance of service index fell to a level of 48.2 in November, after registering a reading of 48.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.7306, with the AUD trading marginally higher from yesterday’s close.
Early morning data showed that HIA new home sales in Australia continued to decline in October, falling by 3.0% on a monthly basis. This comes after recording a 4.0% decline in the previous month. Additionally, the nation’s trade deficit widened more sharply than expected to A$3305.0 million, following a revised trade deficit of A$2403.0 million in the previous month. Market anticipation was for the country’s trade deficit to rise to A$2600.0 million.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index fell to a level of 51.2 in November, from the previous month’s three-month high reading of 52.0.
The pair is expected to find support at 0.7281, and a fall through could take it to the next support level of 0.7255. The pair is expected to find its first resistance at 0.7334, and a rise through could take it to the next resistance level of 0.7362.
Moving ahead, market participants will look forward to Australia’s retail sales data for October, scheduled to be released early morning tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
