AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly rose against the USD and closed at 0.7831.
LME Copper prices declined 0.9% or $65.5/MT to $7115.5/MT. Aluminium prices declined 0.7% or $15.0/MT to $2241.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7832, with the AUD trading a tad higher against the USD from yesterday’s close.
Overnight data showed that Australia’s AiG performance of services index advanced to a level of 52.0 in December, compared to a level of 51.7 in the prior month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI unexpectedly rose to a level of 53.9 in December, expanding at its fastest pace in three-years, thus suggesting that the world’s second economy is on a robust growth path. In the previous month, the PMI had recorded a level of 51.9, while market participants had expected for a fall to a level of 51.8.
The pair is expected to find support at 0.7810, and a fall through could take it to the next support level of 0.7787. The pair is expected to find its first resistance at 0.7850, and a rise through could take it to the next resistance level of 0.7867.
Looking ahead, Australia’s trade balance numbers for November, set to release overnight, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
