AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.35% against the USD and closed at 0.7147.
LME Copper prices rose 0.9% or $49.5/MT to $5889.5/MT. Aluminium prices declined 1.1% or $21.0/MT to $1858.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7126, with the AUD trading 0.29% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$1925.0 million in November, compared to a surplus of A$2316.0 million in the previous month. Market participants had envisaged the nation to record a surplus of A$2175.0 million.
The pair is expected to find support at 0.7115, and a fall through could take it to the next support level of 0.7105. The pair is expected to find its first resistance at 0.7143, and a rise through could take it to the next resistance level of 0.7161.
Moving forward, investors would keep an eye on Australia’s AiG performance of service index for December and building approvals for November, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
