AUD/USD: Aussie trading on a weaker footing this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.1% against the USD and closed at 0.7619 on Friday.

LME Copper prices rose 1.0% or $72.0/MT to $6967.5/MT. Aluminium prices rose 0.7% or $14.0/MT to $2104.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7606, with the AUD trading 0.17% lower against the USD from Friday’s close.

Earlier today, data showed that in China, Australia’s largest trading partner, industrial profits climbed 25.10% on a yearly basis in October, after recording a gain of 27.7% in the previous month.

The pair is expected to find support at 0.7590, and a fall through could take it to the next support level of 0.7575. The pair is expected to find its first resistance at 0.7624, and a rise through could take it to the next resistance level of 0.7643.

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

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