AUD/USD: Aussie trading a tad higher in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.23% against the USD and closed at 0.7095 on Friday.

LME Copper prices declined 0.8% or $51.0/MT to 6159.0/MT. Aluminium prices declined 1.0% or $20.0/MT to $1961.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7098, with the AUD trading slightly higher against the USD from Friday’s close.

Elsewhere in China, Australia’s largest trading partner, China’s industrial profits advanced 4.1% on an annual basis in September, following a rise of 9.2% in the previous month.

The pair is expected to find support at 0.7045, and a fall through could take it to the next support level of 0.6991. The pair is expected to find its first resistance at 0.7128, and a rise through could take it to the next resistance level of 0.7157.

Trading trend in the Aussie today is expected to be determined by Australia’s building approvals for September, set to release overnight.

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

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