AUDUSD Movement
On Friday, the AUD weakened 0.45% against the USD to close at 0.9317.
LME Copper prices rose 0.4% or $32.0/MT to $7252.5/MT. Aluminium prices advanced 1.6% or $28.0/MT to $1789.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9313, with the AUD trading slightly lower from Friday’s close. Earlier today, in Australia, a report showed that the TD securities inflation came in at 2.1% (YoY) in September, unchanged from previous month’s rise. Separately, an official report depicted that private sector credit in the nation stood at 0.3% (MoM) in August, defying market expectation for a rise to 0.4%.
The pair is expected to find support at 0.9272, and a fall through could take it to the next support level of 0.9231. The pair is expected to find its first resistance at 0.9362, and a rise through could take it to the next resistance level of 0.9411.
Investors are expected to keep an eye on Australia’s AiG performance of manufacturing index, scheduled to release later today, for further guidance in the direction of the Aussie.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
