AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded flat against the USD and closed at 0.6706.
LME Copper prices rose 0.3% or $19.0/MT to $5629.0/MT. Aluminium prices declined 0.5% or $8.0/MT to $1697.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6714, with the AUD trading 0.12% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus narrowed to A$5926.0 million in August, from a revised surplus of A$7253.0 million in the previous month. Market participants had expected the nation to post a surplus of A$6000.0million. Meanwhile, the nation’s AIG performance of services index slightly rose to a level of 51.5 in September, compared to a reading of 51.4 in the previous month.
The pair is expected to find support at 0.6684, and a fall through could take it to the next support level of 0.6653. The pair is expected to find its first resistance at 0.6732, and a rise through could take it to the next resistance level of 0.6749.
Moving ahead, traders would closely monitor Australia’s retail sales for August, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
