AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.23% against the USD to close at 0.7111.
LME Copper prices declined 1.36% or $65.0/MT to $4700.0/MT. Aluminium prices rose 0.38% or $5.5/MT to $1463.0/MT.
In economic news, Australia’s Conference Board leading index registered a drop of 0.1% in September, after falling by 0.4% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.7098, with the AUD trading 0.18% lower from yesterday’s close.
Overnight data showed that Australia’s Westpac leading index rose 0.1% MoM in October, after recording a similar rise in the previous month.
Early morning data showed that in China, Australia’s largest trading partner, the house price index rose 0.1% YoY in October, after registering a drop of 0.9% in September.
The pair is expected to find support at 0.7066, and a fall through could take it to the next support level of 0.7035. The pair is expected to find its first resistance at 0.7136, and a rise through could take it to the next resistance level of 0.7174.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
