AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally declined against the USD and closed at 0.6848.
LME Copper prices rose 0.2% or $11.0/MT to $5823.0/MT. Aluminium prices declined 1.7% or $31.0/MT to $1771.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6837, with the AUD trading 0.16% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$4502.0 million in October, compared to a revised surplus of A$6847.0 million in the prior month. Market participants had envisaged the nation to post a surplus of A$6100.0 million. Moreover, the nation’s seasonally adjusted retail sales remained unchanged on a monthly basis in October, defying market expectations for an advance of 0.3%. Retail sales had registered a rise of 0.2% in the prior month.
The pair is expected to find support at 0.6815, and a fall through could take it to the next support level of 0.6793. The pair is expected to find its first resistance at 0.6857, and a rise through could take it to the next resistance level of 0.6877.
Going ahead. Investors would closely monitor Australia’s AiG performance of construction index for November, set to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
