AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.33% against the USD to close at 1.0475.
Yesterday, the rating agency, Standard & Poor’s affirmed Australia’s AAA rating with a stable outlook, citing nation’s economic prospects remain favorable. However, the agency added that the considerable risks remain for Australia’s growth prospects amid its growing reliance on the Chinese economy.
LME Copper prices rose 1.2% or $99.3/MT to $8322.8/MT. Aluminium prices declined 1.3% or $29.0/MT to $2123.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0434, with the AUD trading 0.39% lower from yesterday’s close.
This morning, in China, HSBC’s flash purchasing managers’ index (PMI) edged slightly higher to a reading of 47.8 in September, compared to a reading of 47.6 in August.
The pair is expected to find support at 1.0403, and a fall through could take it to the next support level of 1.0372. The pair is expected to find its first resistance at 1.0481, and a rise through could take it to the next resistance level of 1.0528.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
