AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.31% against the USD and closed at 0.6858.
LME Copper prices declined 0.2% or $9.0/MT to $5879.5/MT. Aluminium prices rose 0.6% or $10.5/MT to $1737.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6859, with the AUD trading slightly higher against the USD from yesterday’s close.
Overnight data showed that Australia’s consumer price index (CPI) rose 1.7% on an annual basis in Q3 2019, in line with market expectations. The CPI had advanced 1.6% in the previous quarter. Meanwhile, the nation’s new home sales climbed 5.7% on a monthly basis in September, less than market consensus for an increase of 33.7%. In the previous month, the new home sales had recorded a rise of 7.3%.
The pair is expected to find support at 0.6844, and a fall through could take it to the next support level of 0.6829. The pair is expected to find its first resistance at 0.6873, and a rise through could take it to the next resistance level of 0.6887.
Looking ahead, traders would await Australia’s private sector credit demand and building permits, both for September, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
