AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.14% against the USD to close at 0.7289.
LME Copper prices declined 0.28% or $13.0 /MT to $4702.0 /MT. Aluminium prices rose 0.03% or $0.5 /MT to $1507.5 /MT.
In the Asian session, at GMT0400, the pair is trading at 0.723, with the AUD trading 0.82% lower from Thursday’s close.
On Friday, in China, Australia’s largest trading partner, data indicated that the nation’s NBS manufacturing PMI edged up to a level of 49.7 in December, lower than market expectations of a rise to a level of 49.8 and compared to a reading of 49.6 in the previous month. Additionally, China’s non-manufacturing PMI advanced to a level of 54.4 in December, its highest since August 2014, from a reading of 53.6 in the previous month.
Over the weekend, Australia’s AIG performance of manufacturing index dropped to a level of 51.9 in December, compared to a reading of 52.5 in the prior month.
Early this morning, data showed that China’s Caixin manufacturing PMI surprisingly declined for the tenth consecutive month to a level of 48.2 in December, compared to market expectations of a rise to a level of 48.9 and after recording a reading of 48.6 in the previous month, suggesting that the world’s second largest economy faces persistent risks despite a flurry of stimulus measures.
The pair is expected to find support at 0.7191, and a fall through could take it to the next support level of 0.7152. The pair is expected to find its first resistance at 0.7286, and a rise through could take it to the next resistance level of 0.7342.
Going ahead, investors will look forward to Australia’s AiG performance of services index for December, scheduled to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.