Aussie Trading On A Weaker Footing This Morning
GCI Financial | Dec 15, 2014 12:53AM ET
On Friday, the AUD weakened 0.21% against the USD to close at 0.8247.
On the macro front, in China, Australia’s biggest trading partner, new Yuan loans advanced to CNY 852.7 billion in November, while market expectations were for it to advance to CNY 655.0 billion and following a reading of CNY 548.3 billion in the preceding month. Additionally, the nation’s aggregate financing rose to a level of CNY 1150.0 billion, higher than market expectations of a rise to CNY 895.0 billion.
LME Copper prices rose 0.85% or $55.0/MT to $6526.5/MT. Aluminium prices declined 0.90% or $17.5/MT to $1918.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8223, with the AUD trading 0.29% lower from Friday’s close.
Earlier today, data from Australia indicated that the seasonally adjusted new motor vehicle sales fell 0.6% on a monthly basis in December. It had dropped by a revised 1.6% in the previous month.
The pair is expected to find support at 0.8184, and a fall through could take it to the next support level of 0.8145. The pair is expected to find its first resistance at 0.8282, and a rise through could take it to the next resistance level of 0.8340.
Going forward, market participants would closely monitor the RBA minutes from its recent monetary policy meeting, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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