AUDUSD Movement
On Friday, the AUD weakened 0.41% against the USD to close at 0.9405.
LME Copper prices fell 0.1% or $6.5/MT to $7295.0/MT. Aluminium prices declined 0.7% or $12.0/MT to $1771.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9415, with the AUD trading 0.11% higher from Friday’s close. Earlier today, a report from China, Australia’s largest trading partner, showed that the nation’s HSBC manufacturing PMI rose to a reading of 51.2 in September, following a level of 50.1 seen in the previous month.
The pair is expected to find support at 0.9372, and a fall through could take it to the next support level of 0.9329. The pair is expected to find its first resistance at 0.9459, and a rise through could take it to the next resistance level of 0.9503.
Amid absence of economic releases in Australia, traders are expected to keep an eye on global economic news for further guidance.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
