AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.33% against the USD to close at 1.0222.
Over the weekend, Australia’s largest trading partner, China reported a $27.7 billion trade surplus in September, the largest since June. Exports increased 9.9% (YoY) in September, while imports rose 2.4% in September.
LME Copper prices declined 0.4% or $32.5/MT to $8178.5/MT. Aluminium prices declined 0.9% or $17.3/MT to $1975.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0215, with the AUD trading 0.07% lower from Friday’s close.
Data released this morning indicated that China’s consumer price index rose 1.9% (YoY) in September, in line with expectations and down from 2.0% in August. Moreover, producer prices declined 3.6% annually, against the forecasts for a contraction of 3.5%. Meanwhile, the total number of new motor vehicle sales in Australia rose a seasonally adjusted 4.7% (MoM) in September, following a revised 4.3% increase in August.
The pair is expected to find support at 1.0182, and a fall through could take it to the next support level of 1.0149. The pair is expected to find its first resistance at 1.0269, and a rise through could take it to the next resistance level of 1.0322.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
