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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.55% against the USD and closed at 0.7564.

LME Copper prices declined 1.6% or $106.0/MT to $6539.0/MT. Aluminium prices declined 1.2% or $23.5/MT to $2028.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7549, with the AUD trading 0.2% lower against the USD from yesterday’s close, after latest data showed that Australia’s trade surplus slumped in October.

Data showed that Australia seasonally adjusted trade surplus narrowed more-than-anticipated to A$105.0 million in October, hitting its lowest level in six months, amid a sharp fall in exports and a rise in imports. The nation had registered a revised surplus of A$1604.0 million in the previous month, while markets were anticipating for a surplus of A$1400.0 million.

On the other hand, the nation’s AiG performance of construction index climbed to a level of 57.5 in November, notching a four-month high level and following a reading of 53.2 in the prior month.

The pair is expected to find support at 0.7528, and a fall through could take it to the next support level of 0.7507. The pair is expected to find its first resistance at 0.7584, and a rise through could take it to the next resistance level of 0.7619.

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

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