AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.29% against the USD to close at 0.7080.
LME Copper prices declined 0.35% or $18.0/MT to $5161.0/MT. Aluminium prices rose 0.45% or $6.5/MT to $1440.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7106, with the AUD trading 0.37% higher from yesterday’s close.
Early morning data showed that Australia’s private sector credit advanced 0.8% MoM in September, registering its fastest increase since September 2008, from 0.6% in the previous month, and exceeding market expectations for an advance of 0.5%. Further, the nation’s producer price index climbed 0.9% QoQ in the third quarter of 2015, from 0.3% in the previous quarter.
The pair is expected to find support at 0.7075, and a fall through could take it to the next support level of 0.7044. The pair is expected to find its first resistance at 0.7129, and a rise through could take it to the next resistance level of 0.7152.
Going ahead, market participants will keep a close eye on RBA’s interest rate decision, scheduled to be announced next week. Additionally, the release of Caixin manufacturing and services PMI next week by China, Australia’s largest trading partner, will also garner investor attention.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
