AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.57% against the USD and closed at 0.764.
LME Copper prices rose 2.15% or $99.5/MT to $4720.0/MT. Aluminium prices rose 1.51% or $24.5/MT to $1651.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7692, with the AUD trading 0.68% higher against the USD from yesterday’s close, after overnight data showed that Australia’s inflation accelerated in the third quarter, easing some pressure on the Reserve Bank of Australia (RBA) to cut interest rate in the next meeting.
The consumer price index in Australia jumped by 0.7% on a quarterly basis in 3Q, compared to an advance of 0.4% in the prior quarter and surpassing market expectations for the index to climb by 0.5%.
The pair is expected to find support at 0.7630, and a fall through could take it to the next support level of 0.7568. The pair is expected to find its first resistance at 0.7731, and a rise through could take it to the next resistance level of 0.7770.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
