AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 0.9366, hurt by the latest batch of lacklustre economic data from China, Australia’s largest trading partner.
People’s Bank of China (PBoC) reported that loans issued by the Chinese financial institutions during October amounted to ¥506.1 billion, less than analysts’ expectations of ¥650.0 billion and compared to ¥787.0 billion worth of loans issued in the preceding month. Separately, China’s central bank also revealed that the M2 money supply in the nation rose 14.3% (YoY) in October, less than analysts’ consensus for a rise of 14.4% and compared to a 14.2% increase seen in the previous month.
LME Copper prices rose 0.1% or $9.5/MT to $7135.0/MT. Aluminium prices declined 0.3% or $4.5/MT to $1760.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9337, with the AUD trading 0.31% lower from yesterday’s close, after the National Australia Bank reported that its index on the nation’s business confidence fell to a reading of 5 in October, from a figure of 12 registered in the earlier month.
The pair is expected to find support at 0.9310, and a fall through could take it to the next support level of 0.9284. The pair is expected to find its first resistance at 0.9377, and a rise through could take it to the next resistance level of 0.9418.
Traders are expected to keep a tab on Faculty of Economics and Commerce Melbourne Institute’s Westpac consumer confidence data, slated for release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
