AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.11% against the USD and closed at 0.6866.
LME Copper prices rose 0.3% or $19.5/MT to $6154.0/MT. Aluminium prices declined 1.3% or $22.5/MT to $1771.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6872, with the AUD trading 0.09% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus widened to A$5800.0 million in November, less than market expectations for a surplus of A$5915.0 million. The nation had posted a revised surplus of A$4075.0 million in the prior month.
The pair is expected to find support at 0.6852, and a fall through could take it to the next support level of 0.6833. The pair is expected to find its first resistance at 0.6888, and a rise through could take it to the next resistance level of 0.6905.
Looking ahead, traders would await Australia’s retail sales for November, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
