AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.34% against the USD and closed at 0.6770 on Friday.
LME Copper prices declined 0.5% or $27.0/MT to $5599.0/MT. Aluminium prices rose 0.3% or $4.5/MT to $1701.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6752, with the AUD trading 0.27% lower against the USD from Friday’s close, following further contraction in Australia’s construction activity for September.
Overnight data showed that Australia’s AiG performance of construction index dropped to a level of 42.6 in September, declining for the 13th consecutive month and following a reading of 44.6 in the prior month.
The pair is expected to find support at 0.6740, and a fall through could take it to the next support level of 0.6728. The pair is expected to find its first resistance at 0.6769, and a rise through could take it to the next resistance level of 0.6786.
Looking forward, traders would keep an eye Australia’s NAB business conditions and business confidence for September, slated to release overnight.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
