AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.17% against the USD and closed at 0.6881.
LME Copper prices rose 0.6% or $33.5/MT to $5913.5/MT. Aluminium prices rose 0.2% or $4.0/MT to $1817.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6864, with the AUD trading 0.25% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted trade surplus unexpectedly widened to A$7180.0 million in September, following a revised surplus of A$6617.0 million in the prior month. Market participants had envisaged the nation to post surplus of A$5000.0 million. Further, the nation’s AIG performance of construction index rose to a level of 43.9 in October, compared to a reading of 42.6 in the prior month.
The pair is expected to find support at 0.6848, and a fall through could take it to the next support level of 0.6832. The pair is expected to find its first resistance at 0.6894, and a rise through could take it to the next resistance level of 0.6924.
Going forward, traders would closely monitor the Reserve Bank of Australia’s monetary policy statement, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
