AUDUSD Movement
On Friday, the AUD strengthened 0.13% against the USD to close at 0.9469.
In economic news, a report from China showed that the nation’s trade surplus declined to a level of $15.2 billion in September, more than analysts’ estimate for a drop to $27.7 billion from a surplus of $28.6 billion registered in the previous month.
LME Copper prices rose 0.2% or $12.5/MT to $7125.0/MT. Aluminium prices advanced 0.6% or $11.5/MT to $1830.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.947, with the AUD trading tad higher from Friday’s close. Earlier today, a report showed that Australia’s home loans declined 3.9% in August, more than analysts’ expectation for a 2.5% drop and compared to a 2.1% rise registered in the previous month. Separately, reports from China, Australia’s largest trading partner, revealed that the nation’s consumer price index rose 0.8% (MoM) in September, surpassing analysts’ estimate for a 0.5% rise, similar to previous month. Meanwhile, China’s producer price index edged down 1.3% (YoY) in September, compared to a 1.6% drop registered in the preceding month.
The pair is expected to find support at 0.9438, and a fall through could take it to the next support level of 0.9405. The pair is expected to find its first resistance at 0.9495, and a rise through could take it to the next resistance level of 0.9519.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
