- AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.53% against the USD to close at 0.9685, as concern about Europe’s rising borrowing costs and weak manufacturing PMI in China and Europe dampened investors’ appetite for riskier currency.
In Australia, the Australian Bureau of Statistics indicated that the value of total construction work done in the third quarter rose 12.5%.
In the Asian session, at GMT0400, the pair is trading at 0.9743, with the AUD trading 0.6% higher from yesterday’s close.
LME Copper prices declined 3.0% or $222.0/MT to $7176.0/ MT. Aluminium prices declined 3.2% or $66.5/MT to $1992.5/ MT.
The pair is expected to find support at 0.9674, and a fall through could take it to the next support level of 0.9605. The pair is expected to find its first resistance at 0.9801, and a rise through could take it to the next resistance level of 0.9860.
The currency pair is trading just above its 20 Hr moving average and below its 50 Hr moving average.
