AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.8006 on Friday.
LME Copper prices rose 0.6% or $38.5/MT to $6457.0/MT. Aluminium prices rose 0.2% or $3.0/MT to $2068.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8027, with the AUD trading 0.26% higher against the USD from Friday’s close.
Earlier today, in China, Australia’s largest trading partner, the house price index climbed 8.3% on a yearly basis in August. The index had risen 9.7% in the previous month.
The pair is expected to find support at 0.7998, and a fall through could take it to the next support level of 0.7968. The pair is expected to find its first resistance at 0.8046, and a rise through could take it to the next resistance level of 0.8064.
Looking forward, minutes of the Reserve Bank of Australia’s (RBA) latest meeting, scheduled to release in the early hours of tomorrow, will garner a lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
