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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.81% against the USD and closed at 0.7124.

LME Copper prices declined 2.2% or $139.0/MT to $6155.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $2024.0/MT.

Overnight data showed that Australia’s seasonally adjusted home loan approvals eased 2.1% on a monthly basis in August, more-than-anticipated and compared to an advance of 0.4% in the previous month.

Elsewhere, in China, Australia’s largest trading partner, trade surplus widened to $31.69 billion in September, more than market expectations and compared to a surplus of $27.89 billion in the previous month.

In the Asian session, at GMT0300, the pair is trading at 0.7121, with the AUD trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7082, and a fall through could take it to the next support level of 0.7042. The pair is expected to find its first resistance at 0.7146, and a rise through could take it to the next resistance level of 0.7170.

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

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