AUDUSD Movement
On Friday, the AUD strengthened 0.36% against the USD to close at 0.9098.
During the weekend, the Reserve Bank of Australia (RBA) Governor, Glenn Stevens, in a press conference, suggested that the nation must guard itself against becoming over confident in its ability to weather a challenging economic backdrop.
LME Copper prices advanced 0.5% or $32.0/MT to $7113.0/MT. Aluminium prices rose marginally by $0.5/MT to $1728.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9106, with the AUD trading 0.09% higher from Friday’s close. Early morning, a report from Australia showed that the ANZ job advertisements in the nation fell 0.8%, for the second month in a row in November, compared to a 0.1% fall witnessed in the preceding month. Separately, a report from China, Australia’s largest trading partner, showed that consumer price index rose 3.0% (YoY) in November, defying market expectation for the consumer price index to rise at previous month’s pace of 3.2%.
The pair is expected to find support at 0.9020, and a fall through could take it to the next support level of 0.8935. The pair is expected to find its first resistance at 0.9161, and a rise through could take it to the next resistance level of 0.9217.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
