AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.74% against the USD to close at 0.8943, as ongoing tensions in Syria reduced the risk-appetite among investors and weighed on the demand for the riskier currencies.
LME Copper prices remained flat at $ 7300.5/MT. Aluminium prices declined 0.4% or $7.0/MT to $ 1828.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8928, with the AUD trading 0.17% lower from yesterday’s close. Earlier today, an official report showed that construction work done in Australia, rose 0.3% during second quarter, defying market expectation for a rise of 1.6% and compared to a 1.9% decline registered in the previous quarter.
The pair is expected to find support at 0.8894, and a fall through could take it to the next support level of 0.8861. The pair is expected to find its first resistance at 0.8980, and a rise through could take it to the next resistance level of 0.9033.
With no major economic release in Australia, the currency is expected to take cues from global economic news for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
