AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.22% against the USD to close at 0.7029.
LME Copper prices declined 1.13% or $56.5/MT to $4933.5/MT. Aluminium prices declined 1.33% or $20.0/MT to $1486.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.707, with the AUD trading 0.59% higher from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index data rose 3.9% to a reading of 101.7 in November, from a level of 97.8 in the previous month.
Early morning data showed that in China, Australia’s largest trading partner, retail sales surprisingly rose by 11.0% YoY in October, from 10.9% in the previous month. Investors had expected it to remain unchanged. However, the nation’s industrial production rose less-than-expected by 5.6%, on an annual basis, in October, from 5.7% in the previous month, and against market anticipation of a rise of 5.8%.
The pair is expected to find support at 0.7031, and a fall through could take it to the next support level of 0.6992. The pair is expected to find its first resistance at 0.7095, and a rise through could take it to the next resistance level of 0.7119.
Amid no economic releases in Australia today, investors will look forward to the nation’s unemployment rate data for October, scheduled to be released early morning tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
