AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.08% against the USD to close at 0.9033, after a weaker-than-expected third quarter economic growth in Australia weighed heavily on the domestic currency, highlighting that the country is still heavily reliant on mining, while other industries remain subdued.
LME Copper prices rose 0.4% or $30.0/MT to $6975.0/MT. Aluminium prices edged up 0.4% or $7.0/MT to $1702.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9040, with the AUD trading 0.08% higher from yesterday’s close. Earlier today, the Australian Bureau of Statistics reported that trade deficit in the nation widened to A$529 million in October, more than market expectation for the deficit to widened to A$375 million, from previous month’s deficit of A$271 million.
The pair is expected to find support at 0.9000, and a fall through could take it to the next support level of 0.8960. The pair is expected to find its first resistance at 0.9077, and a rise through could take it to the next resistance level of 0.9114.
Traders await the release of a report on the AiG performance of construction index from Australia, due later today, for further cue in the Aussie.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
