AUDUSD Movement
For the 24 hours to 23:00 GMT on Monday, AUD strengthened marginally against the USD to close at 1.0394.
LME Copper prices rose 0.6% or $47.3/MT to $7914.75/MT. Aluminium prices rose 0.5% or $9.3/MT to $2039.75/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0468, with the AUD trading 0.71% higher from Monday’s close, as risk appetite rose after the US lawmakers passed legislation to avert the “fiscal cliff” of automatic spending cuts and tax increases. Data released this morning showed that the headline manufacturing Purchasing Managers’ Index in China remained unchanged at a reading of 50.6 in December.
The pair is expected to find support at 1.0390, and a fall through could take it to the next support level of 1.0313. The pair is expected to find its first resistance at 1.0519, and a rise through could take it to the next resistance level of 1.0571.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
