AUDUSD Movement
On Friday, the AUD weakened 0.37% against the USD to close at 0.9583.
LME Copper prices declined 0.5% or $34.0/MT to $7126.0/MT. Aluminium prices rose 0.3% or $5.0/MT to $1807.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9609, with the AUD trading 0.27% higher from Friday’s close. On Sunday, a report from China, Australia’s largest trading partner, showed that, on a year to date basis, industrial profits in the nation rose 13.5% (YoY) in September, following a 12.8% rise registered in the previous month.
The pair is expected to find support at 0.9577, and a fall through could take it to the next support level of 0.9545. The pair is expected to find its first resistance at 0.9634, and a rise through could take it to the next resistance level of 0.9659.
Trading trends in the Aussie is expected to be determined by the Reserve Bank of Australia (RBA) Governor, Glenn Stevens’ speech, scheduled to commence later today.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
