AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.05% against the USD and closed at 0.7597.
On the economic front, in China, Australia’s largest trading partner, the CB leading economic index advanced by 1.1% MoM in September, following a revised gain of 0.8% in the prior month.
LME Copper prices declined 0.36% or $16.5/MT to $4620.5/MT. Aluminium prices rose 0.59% or $9.5/MT to $1626.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7611, with the AUD trading 0.18% higher against the USD from yesterday’s close.
The pair is expected to find support at 0.7584, and a fall through could take it to the next support level of 0.7558. The pair is expected to find its first resistance at 0.7639, and a rise through could take it to the next resistance level of 0.7668.
Going ahead, investors would keep a close watch on Australia’s consumer price index for 3Q, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
