AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.6838.
LME Copper prices declined 0.3% or $15.0/MT to $5823.0/MT. Aluminium prices rose 0.1% or $2.5/MT to $1768.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6797, with the AUD trading 0.60% lower against the USD from yesterday’s close.
Overnight data revealed that Australia’s consumer inflation expectations rose 4.0% in November, more than market expectations for a rise of 3.2%. In the prior month, consumer inflation expectations had recorded a climb of 3.6%. Meanwhile, the nation’s seasonally adjusted unemployment rate advanced to 5.3% in October, meeting market expectations. In the previous month, unemployment rate stood at 5.2%.
Elsewhere in China, Australia’s largest trading partner, the retail sales climbed 7.2% on an annual basis in October, less than market anticipation for an advance of 7.9%. Retail sales had recorded a rise of 7.8% in the previous month. Moreover, the nation’s industrial production increased 4.7% on an annual basis in October, following a 5.8% rise in the prior month.
The pair is expected to find support at 0.6779, and a fall through could take it to the next support level of 0.6761. The pair is expected to find its first resistance at 0.6832, and a rise through could take it to the next resistance level of 0.6867.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
