AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.01% against the USD and closed at 0.7641.
LME Copper prices declined 0.05% or $2.5/MT to $4717.5/MT. Aluminium prices rose 1.33% or $22.0/MT to $1673.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7625, with the AUD trading 0.21% lower against the USD from yesterday’s close.
Overnight data indicated that, Australia’s export price index gained more-than-expected by 3.5% on a quarterly basis in 3Q 2016, following a rise of 1.4% in the prior quarter. Additionally, the nation’s import price index declined more-than-anticipated by 1.0% on a quarterly basis in 3Q 2016, after recording a similar fall in the previous quarter.
Elsewhere, in China, Australia’s largest trading partner, industrial profits rose by 7.7% on an annual basis in September, compared to a climb of 19.5% in the previous month.
The pair is expected to find support at 0.7598, and a fall through could take it to the next support level of 0.757. The pair is expected to find its first resistance at 0.7679, and a rise through could take it to the next resistance level of 0.7732.
Moving ahead, market participants would look forward to Australia’s HIA new home sales for September, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
