AUD/USD: Australia’s trade surplus narrowed in October


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.97% against the USD and closed at 0.7267.

LME Copper prices declined 1.9% or $116.0/MT to $6162.0/MT. Aluminium prices declined 0.9% or $18.5/MT to $1966.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7219, with the AUD trading 0.66% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$2316.0 million in October, more than market expectations for a surplus of A$3000.0 million. The nation had posted a revised surplus of A$2940.0 million in the previous month. Meanwhile, the nation’s seasonally adjusted retail sales advanced 0.3% on a monthly basis in October, in line with market anticipation. In the preceding month, retail sales had registered a revised climb of 0.1%.

The pair is expected to find support at 0.7189, and a fall through could take it to the next support level of 0.7158. The pair is expected to find its first resistance at 0.7279, and a rise through could take it to the next resistance level of 0.7338.

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

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