AUD/USD: Australian Trade Deficit Widened In November

AUD/USD: Australian Trade Deficit Widened In November

For the 24 hours to 23:00 GMT, AUD strengthened 0.19% against the USD to close at 1.0473, buoyed by strong Australian employment data.

Yesterday, the Australian Industry Group’s performance of construction index in Australia advanced to a reading of 37.0 in November, compared to a reading of 35.8 reported in October.

LME Copper prices came in marginally lower or $1.3/MT to $8020.3/MT. Aluminium prices rose 0.7% or $14.8/MT to $2109.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0480, with the AUD trading marginally higher from yesterday’s close. Data released this morning indicated that Australia’s seasonally adjusted merchandise trade deficit widened to A$2.1 billion in October, compared to a revised A$1.4 billion deficit recorded in the previous month.

The pair is expected to find support at 1.0451, and a fall through could take it to the next support level of 1.0423. The pair is expected to find its first resistance at 1.0512, and a rise through could take it to the next resistance level of 1.0544.