AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.05% against the USD and closed at 0.6826.
LME Copper prices rose 0.8% or $42.5/MT to $5726.5/MT. Aluminium prices rose 1.3% or $22.5/MT to $1726.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6830, with the AUD trading 0.06% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s largest trading partner, China’s gross domestic product (GDP) rose 1.5% on a quarterly basis in 3Q19, meeting market expectations. In the previous quarter, GDP rose 1.6%. Moreover, the nation’s retail sales rose 7.8% on an annual basis in China, at par with market expectations. In the prior month, retail sales had climbed 7.5%. Additionally, industrial production advanced 5.8% on a yearly basis in September, more than market forecast. In the previous month, industrial production had advanced 4.4%.
The pair is expected to find support at 0.6791, and a fall through could take it to the next support level of 0.6752. The pair is expected to find its first resistance at 0.6854, and a rise through could take it to the next resistance level of 0.6878.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
