AUDUSD Movement
On Friday, the AUD weakened 0.89% against the USD to close at 0.8684.
LME Copper prices declined 1.03% or $70.0/MT to $6697.0/MT. Aluminium prices declined 1.69% or $32.5/MT to $1891.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8734, with the AUD trading 0.58% higher from Friday’s close.
Earlier today, in China, Australia’s biggest trading partner, trade surplus contracted to $30.94 billion in September, less than market expectations of $41.4 billion surplus and compared to a trade surplus of $49.84 billion in the previous month.
The pair is expected to find support at 0.8661, and a fall through could take it to the next support level of 0.8589. The pair is expected to find its first resistance at 0.8797, and a rise through could take it to the next resistance level of 0.8861.
Going forward, market participants await the NAB’s business confidence data of Australia for further cues, scheduled in the early hours tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
