For the 24 hours to 23:00 GMT, the AUD rose 0.33% against the USD and closed at 0.7795, lifted by a surge in the prices of key commodities.
LME Copper prices rose 1.1% or $76.0/MT to $7216.0/MT. Aluminium prices rose 2.1% or $46.5/MT to $2246.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7795, with the AUD trading flat against the USD from yesterday’s close.
Overnight data revealed that Australia’s private sector credit climbed 0.5% MoM in November, more than market consensus for a gain of 0.4%. In the prior month, the private sector credit had risen 0.4%.
The pair is expected to find support at 0.7779, and a fall through could take it to the next support level of 0.7764. The pair is expected to find its first resistance at 0.7810, and a rise through could take it to the next resistance level of 0.7826.
Next week, all eyes would be on the release of Australia’s AiG performance of manufacturing as well as services indices along with the nation’s trade balance figures.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
