AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.36% against the USD and closed at 0.7442 on Friday.
LME Copper prices declined 0.64% or $37.0/MT to $5736.0/MT. Aluminium prices declined 0.52% or $9.0/MT to $1715.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7445, with the AUD trading a tad higher against the USD from Friday’s close.
Overnight data revealed that Australia’s AIG performance of services index climbed to a level of 51.1 in November, compared to a reading of 50.5 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin services PMI index rose to a level of 53.1 in November, accelerating to a 16-month high level, thus boosting optimism over the health of the nation’s services sector. The PMI registered a reading of 52.4 in the prior month.
The pair is expected to find support at 0.7404, and a fall through could take it to the next support level of 0.7363. The pair is expected to find its first resistance at 0.7477, and a rise through could take it to the next resistance level of 0.7509.
Investors would concentrate on the announcement of Reserve Bank of Australia’s (RBA) interest rate decision, scheduled overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
