AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.28% against the USD and closed at 0.7081.
LME Copper prices declined 1.0% or $63.0/MT to $6073.0/MT. Aluminium prices declined 0.3% or $6.0/MT to $1946.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7131, with the AUD trading 0.71% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus widened to A$3017.0 million in September, following a surplus of A$1604.0 million in the previous month. Market participants had expected the nation’s surplus to widen to A$1700.0 million. Meanwhile, the CBA manufacturing PMI slightly rose to a level of 54.5 in October, compared to a level of 54.3 in the preceding month. On the contrary, the nation’s AIG performance of manufacturing index slid to a level of 58.3 in October, following a reading of 59.0 in the previous month.
Elsewhere, in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index unexpectedly rose to a level of 50.1 in October, beating market expectations for an unchanged reading. The PMI had recorded a level of 50.0 in the previous month.
The pair is expected to find support at 0.7088, and a fall through could take it to the next support level of 0.7046. The pair is expected to find its first resistance at 0.7153, and a rise through could take it to the next resistance level of 0.7176.
Moving ahead, investors would keep a close watch on Australia’s 3Q producer price index and retail sales data for September, due to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving average.
