AUDUSD Movement
On Friday, the AUD strengthened 0.77% against the USD to close at 0.9190.
LME Copper prices rose 1.0% or $67.5MT to $7170.5/MT. Aluminium prices advanced 1.5% or $26.5/MT to $1780.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9202, with the AUD trading 0.13% higher from Friday’s close as the latest batch of upbeat economic data from China, Australia’s largest trading partner, bolstered investors’ confidence.
In China, data showed that the nation’s trade balance posted a surplus of $28.600 billion during August, surpassing analysts’ expectation for a surplus of $20.000 billion and compared to a $17.818 billion surplus registered in the previous month. Meanwhile, the nation’s consumer price index rose 0.5% (MoM) in August, more than analysts’ consensus of a 0.4% rise and compared to a 0.1% increase seen in the previous month.
Elsewhere, in Australia, official data showed that home loans in the nation rose 2.4% in July, following a 2.6% rise seen in the previous month.
The pair is expected to find support at 0.9143, and a fall through could take it to the next support level of 0.9085. The pair is expected to find its first resistance at 0.9239, and a rise through could take it to the next resistance level of 0.9277.
Amid lack of economic release from Australia ahead today, investors are expected to keep a close watch on global economic news for further guidance.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
