AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.21% against the USD to close at 0.7336.
LME Copper prices rose 1.08% or $ 54.0/MT to $ 5060.5/MT. Aluminium prices rose 1.45% or $22.0/MT to $1544.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7307, with the AUD trading 0.39% lower from yesterday’s close, after China’s Caixin Manufacturing PMI dropped to six-and-a-half-year low in August. China is Australia’s largest trading partner.
The preliminary figures noted that China’s PMI fell to 47.1 in August, after the final PMI fell to a two-year low of 47.8 in July, underlining the continued weakening of the nation’s factory activity.
The pair is expected to find support at 0.7273, and a fall through could take it to the next support level of 0.7238. The pair is expected to find its first resistance at 0.7353, and a rise through could take it to the next resistance level of 0.7399.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
