AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.40% against the USD to close at 0.7246.
LME Copper prices declined 1.17% or $62.0/MT to $5233.0/MT. Aluminium prices declined 0.84% or $12.5/MT to $1468.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7232, with the AUD trading 0.19% lower from yesterday’s close.
Early morning data showed that in China, Australia’s largest trading partner, industrial profits fell 0.1% YoY in September, after recording a 8.8% decline in August.
The pair is expected to find support at 0.7216, and a fall through could take it to the next support level of 0.7200. The pair is expected to find its first resistance at 0.7260, and a rise through could take it to the next resistance level of 0.7288.
Moving ahead, Australia’s Q3 consumer price inflation data, scheduled to be released early morning tomorrow, will garner lot of investor attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
