AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.33% against the USD and closed at 0.7680.
LME Copper prices rose 0.96% or $47.0/MT to $4918/MT. Aluminium prices rose 0.99% or $17.0/MT to $1726.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7678, with the AUD trading marginally lower against the USD from yesterday’s close.
According to minutes of the Reserve Bank of Australia’s latest monetary policy meeting, board saw “reasonable prospects” of achieving sustainable economic growth, as solid demand from China boosts commodity prices and added that inflation will remain steady in short term and will rise gradually to 2.0% by end of 2018.
Overnight data indicated that, Australia’s seasonally adjusted retail sales advanced by 0.6% on a monthly basis in September, beating market expectations for a rise of 0.4% and after registering a revised gain of 0.5% in the prior month.
The pair is expected to find support at 0.7642, and a fall through could take it to the next support level of 0.7606. The pair is expected to find its first resistance at 0.7705, and a rise through could take it to the next resistance level of 0.7732.
Moving ahead, Australia’s AiG performance of construction, NAB business confidence, Westpac consumer confidence and consumer inflation expectation, all slated to release next week, would be on investor’s radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
