AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.21% against the USD to close at 0.9682, as commodity prices rose and after the European Central Bank’s statement that it would keep assisting banks to stem a possible credit crunch, boosted demand for riskier assets.
In Australia, this morning, the AiG Performance of Construction Index declined to 30.0 in September, from 32.1 in August.
In the Asian session, at GMT0300, the pair is trading at 0.9784, with the AUD trading 1.05% higher from the New York close.
LME Copper prices rose 3.4% or $235.0/MT to $7,095.3/ MT. Aluminium prices rose 1.8% or $38.0/MT to $2,169.8/ MT.
The pair is expected to find support at 0.9675, and a fall through could take it to the next support level of 0.9567. The pair is expected to find its first resistance at 0.9839, and a rise through could take it to the next resistance level of 0.9895.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
