AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD traded flat against the USD to close at 0.8946, as risk-appetite among investors reduced after the US stated that it is prepared to take military action against Syria ahead of formal authorization from the United Nations Security Council.
LME Copper prices declined 0.9% or $64.5/MT to $7236.0/MT. Aluminium prices eased 0.1% or $1.5/MT to $1826.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8969, with the AUD trading 0.26% higher from yesterday’s close. Earlier today, an official report indicated that private capital expenditure in the nation surged 4.0% during the second quarter, surpassing analysts’ expectation for a rise of 0.2% and compared to a 4.1% decline registered in the previous quarter. Meanwhile, the HIA new home sales declined 4.7% (MoM) in July from a 3.4% increase seen in the earlier month.
The pair is expected to find support at 0.8915, and a fall through could take it to the next support level of 0.8862. The pair is expected to find its first resistance at 0.8999, and a rise through could take it to the next resistance level of 0.9030.
With no major economic release in Australia, the currency is expected to take cues from global economic news for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
