AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.60% against the USD and closed at 0.6899.
LME Copper prices rose 0.1% or $3.5/MT to $5883.0/MT. Aluminium prices rose 0.5% or $9.0/MT to $1746.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6928, with the AUD trading 0.42% higher against the USD from yesterday’s close.
Overnight data showed Australia’s private sector credit demand rose 2.7% on a yearly basis in September, following a rise of 2.9% in the prior month. Meanwhile, the nation’s seasonally adjusted building approvals declined 19.0% on a yearly basis in September, compared to a revised drop of 21.1% in the previous month.
The pair is expected to find support at 0.6875, and a fall through could take it to the next support level of 0.6822. The pair is expected to find its first resistance at 0.6955, and a rise through could take it to the next resistance level of 0.6982.
Going ahead, traders would keep an eye on Australia’s AiG performance of manufacturing index for October, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
