AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.73% against the USD to close at 0.8615.
Yesterday, a survey indicated that mining sector’s contribution in the Australian economy would continue to grow strongly, despite a 40% decline in the nation’s mining investment over the next four years.
LME Copper prices declined 0.87% or $59.0/MT to $6731.0/MT. Aluminium prices declined 0.84% or $17.5/MT to $2060.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8578, with the AUD trading 0.43% lower from yesterday’s close.
Earlier today, data from China, Australia’s biggest trading partner, indicated that the nation’s leading economic index registered a rise of 0.9% in October, after advancing by a revised 1.0% in the preceding month.
The pair is expected to find support at 0.8532, and a fall through could take it to the next support level of 0.8486. The pair is expected to find its first resistance at 0.8662, and a rise through could take it to the next resistance level of 0.8745.
Amid no economic data from Australia today, market participants look forward to the RBA Deputy Governor, Philip Lowe’s speech scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
