AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.18% against the USD to close at 0.8893, after data released yesterday indicated that the official manufacturing Purchasing Managers’ Index (PMI) in China declined to a reading of 51.0 in December, more than market expectations and compared to a level of 51.4 in the previous month.
LME Copper prices rose 0.1% or $7.5/MT to $ 7394.5/MT. Aluminium prices declined 0.4% or $6.5/MT to $ 1764.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8910, with the AUD trading 0.19% higher from yesterday’s close.
This morning, the Markit Economics reported that the final manufacturing Purchasing Managers’ Index (PMI) in China dropped to a reading of 50.5 in December, similar to the flash estimate and compared to a level of 50.8 in November.
The pair is expected to find support at 0.8883, and a fall through could take it to the next support level of 0.8856. The pair is expected to find its first resistance at 0.8934, and a rise through could take it to the next resistance level of 0.8958.
With a void of major economic releases in Australia, trading trends for this pair would be determined by global factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
