AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose slightly against the USD and closed at 0.7655.
Macroeconomic data indicated that, Australia’s AIG performance of services index advanced to a level of 50.5 in October, entering into expansion territory, following a reading of 48.9 in the prior month.
LME Copper prices rose 0.17% or $8.5/MT to $4871.0/MT. Aluminium prices declined 1.33% or $23.0/MT to $1709.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7660, with the AUD trading 0.07% higher against the USD from yesterday’s close.
Overnight data revealed that, Australia’s trade deficit narrowed more-than-expected to a level of A$1227.00 million in September, dropping for a third consecutive month and reaching its lowest level in twenty months. The nation recorded a revised trade deficit of A$1894.00 million in the previous month whereas markets anticipated the nation to post a trade deficit of A$1700.00 million.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit services PMI index advanced to a level of 52.4 in October, expanding at the fastest pace in four-months, compared to a level of 52.0 in the prior month.
The pair is expected to find support at 0.7618, and a fall through could take it to the next support level of 0.7577. The pair is expected to find its first resistance at 0.7692, and a rise through could take it to the next resistance level of 0.7725.
Moving ahead, investors would closely monitor RBA’s latest meeting minutes along with Australia’s retail sales for September, due to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
