AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.78% against the USD and closed at 0.7273.
LME Copper prices declined 1.3% or $73.5/MT to $5500.5/MT. Aluminium prices declined 0.1% or $1.0/MT to $1701.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7293, with the AUD trading 0.27% higher against the USD from yesterday’s close, after overnight data revealed that Australia’s AiG performance of services index advanced to a level of 57.7 in December, expanding at its strongest pace since May 2007, after recording a reading of 51.1 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin services PMI increased to a 17-month high level of 53.4 in December, suggesting that the world’s second largest economy picked-up steam at the year-end. The PMI had recorded a level of 53.1 in the prior month.
The pair is expected to find support at 0.7247, and a fall through could take it to the next support level of 0.7202. The pair is expected to find its first resistance at 0.7320, and a rise through could take it to the next resistance level of 0.7348.
Moving ahead, Australia’s trade balance figures for November, scheduled to release overnight, would pique investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
