AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.06% against the USD and closed at 0.6768.
LME Copper prices declined 0.7% or $44.0/MT to $5881.5/MT. Aluminium prices declined 0.3% or $5.5/MT to $1765.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6772, with the AUD trading 0.06% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s private sector credit demand rose 2.5% on yearly basis in October, compared to a rise of 2.7% in the previous month.
The pair is expected to find support at 0.6765, and a fall through could take it to the next support level of 0.6758. The pair is expected to find its first resistance at 0.6776, and a rise through could take it to the next resistance level of 0.6780.
Going ahead, investors would closely monitor Australia’s AiG performance of manufacturing, building permits, gross domestic product, trade balance and retail sales, all set to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
