AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.51% against the USD and closed at 0.7667.
LME Copper prices declined 0.13% or $6.0/MT to $4665.5/MT. Aluminium prices rose 1.12% or $18.5/MT to $1663.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7683, with the AUD trading 0.21% higher against the USD from yesterday’s close.
Overnight data indicated that, Australia’s Westpac leading index advanced by 0.06% on a monthly basis in September, following a revised rise of 0.01% in the previous month.
Elsewhere, in China, Australia’s largest trading partner, the gross domestic product (GDP) expanded by 1.8% on a quarterly basis in 3Q 2016, at par with market expectations and compared to a similar rise in the prior quarter. Moreover, on an annual basis, the GDP grew by 6.7% in the same period, following a similar rise in the prior quarter. Also, the nation’s retail sales increased by 10.7% YoY in September, in line with market expectations. Meanwhile, the nation’s industrial production rose less-than-expected by 6.1% YoY in September, against market expectations for a rise of 6.4% and compared to a rise of 6.3% in the previous month.
The pair is expected to find support at 0.7662, and a fall through could take it to the next support level of 0.7641. The pair is expected to find its first resistance at 0.7697, and a rise through could take it to the next resistance level of 0.7711.
Looking ahead, investors would closely monitor Australia’s unemployment rate for September and NAB business confidence index for the third quarter, both due to release in the early hours of tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
