AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened marginally against the USD to close at 1.0372.
LME Copper prices ended flat or $3.8/MT to $7867.5/MT. Aluminium prices declined 0.6% or $12.8/MT to $2030.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0384, with the AUD trading 0.11% higher from Friday’s close.
This morning in Australia, private sector credit advanced 3.5% (YoY) in November, lower than the 3.8% increase recorded in October.
Meanwhile, in China, the HSBC manufacturing Purchasing Managers’ Index climbed to a reading of 51.5 in December, higher than the earlier estimate and compared to a reading of 50.5 reported in the previous month.
The pair is expected to find support at 1.0364, and a fall through could take it to the next support level of 1.0344. The pair is expected to find its first resistance at 1.0407, and a rise through could take it to the next resistance level of 1.0429.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
