AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.64% against the USD and closed at 0.7222.
LME Copper prices rose 0.8% or $46.5/MT to $6130.0/MT. Aluminium prices declined 0.5% or $9.0/MT to $1925.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7224, with the AUD trading a tad higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s Westpac consumer confidence index jumped 2.8% on monthly basis to a level of 104.3 in November, following a level of 101.5 in the prior month.
Elsewhere in China, Australia’s largest trading partner, industrial production rose 5.9% on an annual basis in October, compared to a gain of 5.8% in the preceding month. Market participants had anticipated industrial production to advance 5.8%. Moreover, the nation’s retail sales rose 8.6% on an annual basis in October, compared to an advance of 9.2% in the prior month. Market had expected retail sales to climb 9.2%.
The pair is expected to find support at 0.7189, and a fall through could take it to the next support level of 0.7153. The pair is expected to find its first resistance at 0.7249, and a rise through could take it to the next resistance level of 0.7273.
Trading trend in the Aussie today is expected to be determined by Australia’s unemployment rate for October, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
