AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.25% against the USD and closed at 0.7738.
LME Copper prices rose 0.24% or $12.0/MT to $5044.0/MT. Aluminium prices declined 0.58% or $10.0/MT to $1706.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.762, with the AUD trading 1.52% lower against the USD from yesterday’s close.
Overnight data indicated that, Australia’s Westpac consumer confidence index declined by 1.1% in November, declining for the first time in four months, compared to a gain of 1.1% in the previous month.
Elsewhere, in China, Australia’s largest trading partner, the consumer price index (CPI) rose by 2.1% YoY in October, rising at its fastest pace in six months, boosted by a surge in food prices. The CPI had recorded an increase of 1.9% in the previous month.
The pair is expected to find support at 0.7560, and a fall through could take it to the next support level of 0.7501. The pair is expected to find its first resistance at 0.7728, and a rise through could take it to the next resistance level of 0.7837.
Going ahead, Australia’s consumer inflation expectations for November, due to release overnight, would be on investor’s radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
