AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD marginally weakened against the USD to close at 0.9357. Demand for the greenback rose as a strong US weekly jobless claim data spurred fresh speculation that the Fed might taper the size of its asset purchase programme in the near future.
LME Copper prices rose 0.9% or $65.5MT to $7220.5/MT. Aluminium prices advanced 0.5% or $9.5/MT to $1761.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9344, with the AUD trading 0.14% lower from yesterday’s close, as risk-appetite continue to wane on lingering concern over the US budget stalemate. Earlier today, a report from China, Australia’s largest trading partner, showed that, on a year to date basis, the industrial profit in the nation rose 12.8% (YoY) in August, compared to an 11.1% increase seen in the earlier month.
The pair is expected to find support at 0.9316, and a fall through could take it to the next support level of 0.9287. The pair is expected to find its first resistance at 0.9388, and a rise through could take it to the next resistance level of 0.9431.
Amid lack of economic releases in Australia, traders are expected to closely monitor global economic news for further direction in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
