AUD/USD: Australia’s Westpac leading index declined in August


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.6864.

LME Copper prices declined 2.0% or $115.0/MT to $5762.0/MT. Aluminium prices declined 0.8% or $14.0/MT to $1756.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6852, with the AUD trading 0.17% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac leading index fell 0.3% on a monthly basis in August, compared to a revised rise of 0.2% in the preceding month.

The pair is expected to find support at 0.6832, and a fall through could take it to the next support level of 0.6813. The pair is expected to find its first resistance at 0.6870, and a rise through could take it to the next resistance level of 0.6889.

Going forward, traders would keep an eye on Australia’s unemployment rate for August, slated to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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