AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.28% against the USD and closed at 0.7769 on Friday.
LME Copper prices rose 2.0% or $128.0/MT to $6639.0/MT. Aluminium prices declined 0.1% or $2.5/MT to $2121.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7777, with the AUD trading 0.1% higher against the USD from Friday’s close.
Early morning data indicated that in China, Australia’s largest trading partner, the Caixin services PMI index eased to a level of 50.6 in September, hitting its lowest level in nearly two-years, compared to a level of 52.7 in the previous month.
The pair is expected to find support at 0.7744, and a fall through could take it to the next support level of 0.7711. The pair is expected to find its first resistance at 0.7799, and a rise through could take it to the next resistance level of 0.7821.
Looking ahead, Australia’s NAB business confidence index for September, slated to release overnight, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
