AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.44% against the USD to close at 0.7223.
LME Copper prices rose 2.77% or $126.0/MT to $4667.0/MT. Aluminium prices rose 2.94% or $42.0/MT to $1470.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7223, with the AUD trading flat from yesterday’s close.
Early morning data showed that, in China, Australia’s largest trading partner, industrial profits fell 4.6% YoY in October, declining for the fifth consecutive month, after dropping by 0.1% in the previous month.
The pair is expected to find support at 0.7206, and a fall through could take it to the next support level of 0.7189. The pair is expected to find its first resistance at 0.7243, and a rise through could take it to the next resistance level of 0.7264.
Going ahead, market participants will look forward to Australia’s Q3 GDP data and the RBA’s interest rate decision, scheduled to be released next week. Moreover, China’s Caixin manufacturing PMI for October, due next week, will garner a lot of investor attention.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
