AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.6913 on Friday.
LME Copper prices declined 0.5% or $28.0/MT to $5797.0/MT. Aluminium prices rose 1.4% or $23.5/MT to $1766.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6921, with the AUD trading 0.12% higher against the USD from Friday’s close.
Overnight data showed that Australia’s seasonally adjusted retail sales rose 0.2% on a monthly basis in September, meeting market expectations. Retail sales had registered a rise of 0.4% in the prior month.
The pair is expected to find support at 0.6900, and a fall through could take it to the next support level of 0.6878. The pair is expected to find its first resistance at 0.6933, and a rise through could take it to the next resistance level of 0.6944.
Looking ahead, investors would keep an eye on Australia’s AiG performance of services index for October, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
