AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.6% against the USD and closed at 0.7719.
LME Copper prices rose 1.8% or $89.0/MT to $5032.0/MT. Aluminium prices declined 0.15% or $2.5/MT to $1716.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7699, with the AUD trading 0.26% lower against the USD from yesterday’s close.
Overnight data revealed that Australia’s business confidence index eased to a level of 4.0 in October, after recording a level of 6.0 in the prior month. Additionally, the nation’s NAB business conditions index dropped to a level of 6.0 in October, compared to a level of 8.0 in the previous month.
Elsewhere in China, Australia’s largest trading partner, trade surplus widened less-than-expected to a level of CNY325.3 billion in October, from a trade surplus of CNY278.4 billion in the previous month and compared to market expectations for the nation to post a trade surplus of CNY366.6 billion. Further, the nation’s exports fell more-than-anticipated by 3.2% YoY in October, compared to a drop of 5.6% in the preceding month while imports rose less-than-estimated by 3.2% on an annual basis in October, against a gain of 2.2% in the prior month.
The pair is expected to find support at 0.7667, and a fall through could take it to the next support level of 0.7635. The pair is expected to find its first resistance at 0.773, and a rise through could take it to the next resistance level of 0.7761.
Looking ahead, Australia’s Westpac consumer confidence index for November, due to release overnight, would be on investor’s radar.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
