AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.17% against the USD and closed at 0.7404.
LME Copper prices declined 0.60% or $33.0/MT to $5426.0/MT. Aluminium prices declined 1.54% or $26.5/MT to $1692.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7394, with the AUD trading 0.14% lower against the USD from yesterday’s close.
Overnight data showed that, in China, Australia’s largest trading partner, house price index rose by 12.3% YoY in October. In the prior month, the house price index had climbed 4.3%.
The pair is expected to find support at 0.7349, and a fall through could take it to the next support level of 0.7303. The pair is expected to find its first resistance at 0.7464, and a rise through could take it to the next resistance level of 0.7533.
Looking ahead, market participants would monitor Australia’s CB leading indicator for September, the only release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
