AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.66% against the USD to close at 0.8392.
LME Copper prices declined 0.06% or $4.0/MT to $6451.0/MT. Aluminium prices declined 2.38% or $48.0/MT to $1967.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8387, with the AUD trading 0.06% lower from yesterday’s close.
Early morning data indicated that Australia’s seasonally adjusted retail sales rose 0.4% on a monthly basis in October, exceeding market expectations for an advance of 0.1% and compared to an increase of 1.2% registered in the prior month. Additionally, the nation’s trade deficit narrowed more than expected to A$1323.0 million in October, compared to a revised trade deficit of A$2235.0 million recorded in September and against market expectations of a deficit of A$1800.0 million.
The pair is expected to find support at 0.8361, and a fall through could take it to the next support level of 0.8335. The pair is expected to find its first resistance at 0.8430, and a rise through could take it to the next resistance level of 0.8474.
Going forward, investors would concentrate on Australia’s AiG performance of construction index data, scheduled in the late hours today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
