AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.06% against the USD and closed at 0.6734 on Friday.
LME Copper prices declined 0.8% or $44.0/MT to $5678.0/MT. Aluminium prices declined 0.1% or $1.0/MT to $1712.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6728, with the AUD trading 0.09% lower against the USD from Friday’s close.
Overnight data showed that in Australia, the AiG performance of manufacturing index rose to 53.1 in August, compared to a level of 51.3 in the previous month. Additionally, the final CBA manufacturing PMI declined to a level of 50.9 in August, compared to a reading of 51.6 in the previous month. Elsewhere in China, Australia’s largest trading partner, the Caixin manufacturing PMI unexpectedly climbed to a level of 50.40 in August. In the prior month, the Caixin manufacturing PMI had recorded a reading of 49.90.
The pair is expected to find support at 0.6710, and a fall through could take it to the next support level of 0.6692. The pair is expected to find its first resistance at 0.6743, and a rise through could take it to the next resistance level of 0.6758.
Moving ahead traders would await the Reserve Bank of Australia’s interest rate decision followed by Australia’s retail sales for July, set to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
