AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.10% against the USD and closed at 0.6838 on Friday.
LME Copper prices rose 0.2% or $12.5/MT to $5867.5/MT. Aluminium prices declined 0.3% or $5.5/MT to $1750.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6831, with the AUD trading 0.10% lower against the USD from Friday’s close.
Elsewhere in China, Australia’s largest trading partner, trade surplus narrowed to $38.7 billion in November, amid ongoing trade war. The nation had posted a surplus of $42.8 billion in the previous month.
The pair is expected to find support at 0.6818, and a fall through could take it to the next support level of 0.6804. The pair is expected to find its first resistance at 0.6851, and a rise through could take it to the next resistance level of 0.6870.
Going ahead, traders would closely monitor Australia’s house price index for 3Q 2019 along with the NAB business confidence and business conditions, both for November, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
