AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.27% against the USD to close at 0.9323.
LME Copper prices rose 0.5% or $38.0/MT to $7290.5/MT. Aluminium prices advanced 0.8% or $13.5/MT to $1803.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9335, with the AUD trading 0.13% higher from yesterday’s close. Earlier today, in Australia, the AiG performance of manufacturing index advanced to a reading of 51.7 in the month of September, compared to a level of 46.4 seen in the previous month. Another official report confirmed that, on a seasonally adjusted basis, retail sales in the nation rose 0.4% (MoM) in August, more than market expectation for a 0.3% rise and compared to a 0.1% increase registered in the earlier month.
Separately, the Reserve Bank of Australia (RBA), in its October policy meeting, kept its interest rate unchanged at 2.5%, in line with market expectations.
Meanwhile, a report from China, Australia’s largest trading partner, showed that the NBS manufacturing PMI edged up to a reading of 51.1 in September, less than analysts’ consensus for a rise to 51.5 and compared to a level of 51.0 witnessed in the preceding month.
The pair is expected to find support at 0.9296, and a fall through could take it to the next support level of 0.9258. The pair is expected to find its first resistance at 0.9365, and a rise through could take it to the next resistance level of 0.9396.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
