AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.52% against the USD and closed at 0.6856 on Friday.
LME Copper prices rose 0.2% or $10.5/MT to $5951.5/MT. Aluminium prices rose 0.6% or $10.0/MT to $1827.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6854, with the AUD trading slightly lower against the USD from Friday’s close.
Elsewhere, in China, Australia’s largest trading partner, the consumer price index (CPI) rose 3.8% on an annual basis in October, surpassing market expectations for a rise of 3.3%. The CPI had recorded a rise of 3.0% in the previous month. Additionally, the producer price index (PPI) fell 1.6% on a yearly basis in October, more than market forecast for a decline of 1.5% and compared to a drop of 1.2% in the previous month.
The pair is expected to find support at 0.6839, and a fall through could take it to the next support level of 0.6824. The pair is expected to find its first resistance at 0.6878, and a rise through could take it to the next resistance level of 0.6902.
Moving forward, traders would closely monitor Australia’s NAB business confidence and business conditions, both for October, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
