AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD strengthened 1.16% against the USD to close at 1.0397.
LME Copper prices rose 2.3% or $173.5/MT to $xxxx.x/MT. Aluminium prices rose 1.3% or $25.3/MT to $1987.8/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0367, with the AUD trading 0.29% lower from Friday’s close.
In Australia, the number of home loans approved unexpectedly dropped 1.0% to 44,804 in July.
Separately, in China, the trade balance showed a surplus of $26.66 billion in August, compared to expectations for a surplus of $19.5 billion. Exports increased 2.7% (YoY) in August, while imports fell 2.6% (YoY) in August.
The pair is expected to find support at 1.0303, and a fall through could take it to the next support level of 1.0239. The pair is expected to find its first resistance at 1.0416, and a rise through could take it to the next resistance level of 1.0465.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
