AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.20% against the USD and closed at 0.7689.
LME Copper prices declined 0.1% or $8.5/MT to $6823.0/MT. Aluminium prices rose 1.1% or $24.0/MT to $2143.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7676, with the AUD trading 0.17% lower from yesterday’s close.
Data revealed that Australia’s HIA new home sales plunged 6.1% in September, due to a large decline in apartment purchases. In the previous month, the HIA new home sales had recorded a 9.1% jump. Additionally, Australian private sector credit growth slowed in September, after it rose 0.3% MoM from a rise of 0.5% in August.
Earlier today, in China, Australia’s largest trading partner, the NBS manufacturing PMI dropped to 51.6 in October, compared to market expectations of a fall to 52.0. The manufacturing PMI had recorded a level of 52.4 in the previous month. Moreover, the nation’s non-manufacturing PMI eased to a level of 54.3 in October from a reading of 55.4 in the last month.
The pair is expected to find support at 0.7655, and a fall through could take it to the next support level of 0.7634. The pair is expected to find its first resistance at 0.7698, and a rise through could take it to the next resistance level of 0.7720.
Investors will now look forward to Australia’s AiG performance of manufacturing index for October, scheduled to be released overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
