AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.54% against the USD to close at 0.9703. The US Dollar edged lower against the Aussie, amid investor speculation that the weak US employment data, released yesterday, would compel the Fed to continue with its stimulus measures for a longer time to fuel growth in the nation’s labour market.
LME Copper prices rose 0.5% or $34.5/MT to $7260.0/MT. Aluminium prices advanced 1.2% or $22.0MT to $1829.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9701, with the AUD trading tad lower from yesterday’s close.
In economic news, Australian consumer prices rose more than market expectations, bolstering speculations that the Reserve Bank of Australia (RBA) would not slash its interest rate in the foreseeable future. A report showed that Australia’s consumer price index (CPI) rose 2.2% (YoY) in the third quarter, above expectations of a 1.8% rise. Additionally, the CPI rose 1.2% in the September quarter, more than analyst’s expectations for a 0.8% rise, after it rose 0.4% in the second quarter.
The pair is expected to find support at 0.9642, and a fall through could take it to the next support level of 0.9584. The pair is expected to find its first resistance at 0.9759, and a rise through could take it to the next resistance level of 0.9818.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
