AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.65% against the USD to close at 0.8797.
LME Copper prices declined 0.91% or $61.5/MT to $6693.5/MT. Aluminium prices declined 1.53% or $29.0/MT to $1869.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8787, with the AUD trading 0.11% lower from yesterday’s close.
Early morning data indicated that, Australia’s AiG performance of services index dropped to a level of 45.4 in September, after registering a reading of 49.4 in the prior month. Meanwhile, the nation’s new home sales climbed 3.3% on a monthly basis in August, compared to a drop of 5.7% recorded in the previous month.
Elsewhere, in China, Australia’s biggest trading partner, the non manufacturing PMI dropped to a 8-month low in September to 54.0 from 54.4 registered in August.
The pair is expected to find support at 0.8758, and a fall through could take it to the next support level of 0.8728. The pair is expected to find its first resistance at 0.8823, and a rise through could take it to the next resistance level of 0.8858.
Next week’s interest rate decision by RBA as well as employment figures would be eagerly awaited by investors.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
