AUD/USD: Australia’s Westpac consumer confidence jumped in September


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.8019.

LME Copper prices declined 2.0% or $135.5/MT to $6601.5/MT. Aluminium prices declined 0.8% or $17.5/MT to $2083.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.8034, with the AUD trading 0.19% higher against the USD from yesterday’s close, following upbeat consumer confidence data from Australia.

Overnight data revealed that Australia’s Westpac consumer confidence index climbed to a level of 97.9 in September, compared to a reading of 95.5 in the prior month.

The pair is expected to find support at 0.8008, and a fall through could take it to the next support level of 0.7981. The pair is expected to find its first resistance at 0.8055, and a rise through could take it to the next resistance level of 0.8075.

Looking ahead, market participants will focus on Australia’s unemployment rate for August and consumer inflation expectation for September, both slated to release in the early hours of tomorrow.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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