AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.39% against the USD and closed at 0.6957 on Friday.
LME Copper prices declined 1.4% or $88.5/MT to $6077.0/MT. Aluminium prices declined 0.8% or $14.0/MT to $1758.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6942, with the AUD trading 0.22% lower against the USD from Friday’s close.
Overnight data showed that Australia’s services PMI advanced to a level of 49.8 in December, defying market expectations for an unchanged reading. In the prior month, the PMI had recorded a level of 49.5.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index fell to a level of 52.5 in December, following a reading of 53.5 in the previous month.
The pair is expected to find support at 0.6924, and a fall through could take it to the next support level of 0.6906. The pair is expected to find its first resistance at 0.6966, and a rise through could take it to the next resistance level of 0.6990.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
