AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.40% against the USD to close at 0.8763, amid a broad strength in the greenback.
LME Copper prices declined 2.23% or $151.0/MT to $6630.0/MT. Aluminium prices declined 2.07% or $39.5/MT to $1873.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8763, with the AUD trading flat from yesterday’s close.
Early morning data indicated that, in China, Australia’s biggest trading partner, the MNI business index dropped to a reading of 51.7 in October, after registering a level of 52.2 in the prior month.
The pair is expected to find support at 0.8697, and a fall through could take it to the next support level of 0.8632. The pair is expected to find its first resistance at 0.8817, and a rise through could take it to the next resistance level of 0.8872.
Investors would keenly pay attention to RBA’s meeting minutes along with inflation data from Australia, scheduled next week.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
