AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.76% against the USD to close at 0.7124.
LME Copper prices declined 1.19% or $58.5/MT to $4872.5/MT. Aluminium prices declined 0.64% or $9.5/MT to $1484.5/MT.
In China, Australia’s largest trading partner, new Yuan loans fell to a level of CNY513.6 billion in October, compared to market expectations of a fall to CNY800.0 billion. In the previous month, new Yuan loans had recorded a level of CNY1050.0 billion.
In the Asian session, at GMT0400, the pair is trading at 0.7135, with the AUD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 0.7096, and a fall through could take it to the next support level of 0.7057. The pair is expected to find its first resistance at 0.7164, and a rise through could take it to the next resistance level of 0.7192.
With no economic releases in Australia today, investors await the RBA meeting minutes, scheduled to be released next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
