AUDUSD Movement
On Friday, the AUD weakened 0.34% against the USD to close at 0.8768, amid a broad strength in the greenback.
LME Copper prices rose 0.07% or $5.0/MT to $6771.0/MT. Aluminium prices declined 0.13%% or $2.5/MT to $1924.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8701, with the AUD trading 0.76% lower from Friday’s close.
Over the weekend, data released in China, Australia’s biggest trading partner, indicated that the industrial profits of the country registered a drop of 0.6%, on an annual basis, in August, after recording a rise of 13.5% in July.
The pair is expected to find support at 0.8661, and a fall through could take it to the next support level of 0.8620. The pair is expected to find its first resistance at 0.8774, and a rise through could take it to the next resistance level of 0.8846.
Trading trends in the Aussie today are expected to be determined by economic news from other countries.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
