AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.28% against the USD and closed at 0.6711.
LME Copper prices declined 0.2% or $9.5/MT to $5660.0/MT. Aluminium prices rose 0.2% or $3.0/MT to $1729.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6746, with the AUD trading 0.52% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s consumer inflation expectations advanced to 3.6% in October. In the prior month, the consumer inflation expectations had recorded a level of 3.1%. Moreover, seasonally adjusted home loan approvals advanced 0.7% on a monthly basis in August, compared to a revised rise of 4.4% in the previous month.
The pair is expected to find support at 0.6718, and a fall through could take it to the next support level of 0.6691. The pair is expected to find its first resistance at 0.6765, and a rise through could take it to the next resistance level of 0.6785.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
