AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally declined against the USD and closed at 0.7492.
LME Copper prices rose 0.15% or $8.5/MT to $5765.5/MT. Aluminium prices rose 0.31% or $5.5/MT to $1755.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7492, with the AUD trading flat against the USD from yesterday’s close.
Overnight data indicated that Australia’s Westpac consumer confidence index eased 3.9% on monthly basis in December, declining for a second consecutive month and slipping to its lowest level since April 2016, following a drop of 1.1% in the previous month.
The pair is expected to find support at 0.7466, and a fall through could take it to the next support level of 0.7441. The pair is expected to find its first resistance at 0.752, and a rise through could take it to the next resistance level of 0.7549.
Looking ahead, traders will closely monitor Australia’s unemployment rate and consumer inflation expectations, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
