AUD/USD: Aussie extends its losses this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.15% against the USD and closed at 0.7262.

LME Copper prices declined 1.2% or $73.0/MT to $6137.0/MT. Aluminium prices rose 1.3% or $25.5/MT to $1977.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7238, with the AUD trading 0.33% lower against the USD from yesterday’s close.

Elsewhere in China, Australia’s largest trading partner, the consumer price index (CPI) advanced 2.5% on a yearly basis in October, at par with market expectations. In the previous month, the CPI had registered a similar rise. Moreover, the nation’s producer price index (PPI) climbed 3.3% on an annual basis in China, meeting market forecasts and compared to a gain of 3.6% in the prior month.

The pair is expected to find support at 0.7216, and a fall through could take it to the next support level of 0.7194. The pair is expected to find its first resistance at 0.7281, and a rise through could take it to the next resistance level of 0.7324.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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