AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened marginally against the USD to close at 0.7211.
LME Copper prices rose 1.71% or $88.5/MT to $5274.0/MT. Aluminium prices declined 0.74% or $11.0/MT to $1480.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.724, with the AUD trading 0.4% higher from yesterday’s close.
Early morning data indicated that in China, Australia’s biggest trading partner, the house price index declined 0.9% in September, following a drop of 2.3% in the preceding month. Meanwhile, the CB leading economic index advanced 1.6% in September, compared to an increase of 1.0% in August.
The pair is expected to find support at 0.7200, and a fall through could take it to the next support level of 0.7160. The pair is expected to find its first resistance at 0.7263, and a rise through could take it to the next resistance level of 0.7285.
Going forward, market participants would closely monitor Australia’s Q3 inflation data, scheduled next week for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
