AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.46% against the USD to close at 0.7080.
LME Copper prices rose 0.63% or $34.0/MT to $5400.0/MT. Aluminium prices declined 1.26% or $20.5/MT to $1607.5/MT.
China’s, Australia’s biggest trading partner, premier Li Keqiang, assured that the country’s economy is stable and healthy, in a speech at the Dalian World Economic Forum. He further stated that he was confident that the nation would be able to achieve its main economic targets this year, despite various downward pressures and challenges faced by the Chinese economy. China’s FDI rose 9.2% YoY during the 8 months to August period.
In the Asian session, at GMT0300, the pair is trading at 0.7068, with the AUD trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 0.7004, and a fall through could take it to the next support level of 0.694. The pair is expected to find its first resistance at 0.7117, and a rise through could take it to the next resistance level of 0.7165.
Going forward, investors would watch out for the release of RBA minutes of the September monetary policy meeting, due in the next week.
The currency pair is showing convergence with 20 Hr moving average and trading above its 50 Hr moving average.
