AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.75% against the USD to close at 0.8759, amid a broad weakness in the US Dollar.
On the macro front, Australia’s AiG performance of services index fell to 43.6 in October, compared to a level of 45.4 registered in the prior month.
LME Copper prices declined 1.40% or $95.5/MT to $6705.5/MT. Aluminium prices declined 0.27% or $5.5/MT to $2050.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8748, with the AUD trading 0.13% lower from yesterday’s close.
Elsewhere in China, Australia’s biggest trading partner, the services PMI rose to a level of 52.9 in October, down from previous month’s reading of 53.5.
The pair is expected to find support at 0.8702, and a fall through could take it to the next support level of 0.8656. The pair is expected to find its first resistance at 0.8779, and a rise through could take it to the next resistance level of 0.8810.
Meanwhile, market participants would closely look at Australia’s unemployment rate data, scheduled in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
