AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.81% against the USD to close at 0.9619.
LME Copper prices rose 0.2% or $13.5/MT to $7172.0/MT. Aluminium prices advanced 0.5% or $9.0/MT to $1796.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9622, with the AUD trading marginally higher from yesterday’s close. Earlier today, Reserve Bank of Australia (RBA) Governor, Glenn Stevens, stated that good progress has been made in the post-global financial crisis era. However he also highlighted the importance of avoiding reform fatigue and indicated the need for supporting new rules and ensuring their implementation.
Meanwhile, from China, Australia’s largest trading partner, reports showed that the Chinese economy grew at an annual rate of 7.8% in the third quarter, accelerating from the second quarter’s 7.5% increase, while data for September showed industrial production and retail sales easing off their levels from the previous month. Despite China recording its highest quarterly growth in the third quarter, traders speculated that the growth may only be a temporary surge, spurred by the government’s recent fiscal stimulus. Industrial production growth slipped to 10.2% in September, from 10.4% in the previous month, while retail sales were unexpectedly weak in September, slowing to 13.3% growth on year-ago basis, down from 13.4% in August.
The pair is expected to find support at 0.9552, and a fall through could take it to the next support level of 0.9483. The pair is expected to find its first resistance at 0.9670, and a rise through could take it to the next resistance level of 0.9719.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
