AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.64% against the USD and closed at 0.7653.
LME Copper prices declined 0.1% or $6.5/MT to $6964.0/MT. Aluminium prices rose 1.1% or $24.5/MT to $2174.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7649, with the AUD trading slightly lower against the USD from yesterday’s close.
Overnight data showed that Australia’s producer price index (PPI) advanced 0.2% on a quarterly basis in the third quarter of 2017. The PPI had recorded a rise of 0.5% in the previous quarter.
The pair is expected to find support at 0.7613, and a fall through could take it to the next support level of 0.7577. The pair is expected to find its first resistance at 0.7702, and a rise through could take it to the next resistance level of 0.7755.
Next week, market participants would look forward to Australia’s AiG performance of manufacturing and services indices, retail sales, HIA new home sales and trade balance data.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
