AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.14% against the USD to close at 0.9466.
LME Copper prices rose 0.8% or $60.0/MT to $7275.5/MT. Aluminium prices declined 0.3% or $5.5/MT to $1843.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9490, with the AUD trading 0.25% higher from yesterday’s close. Earlier today, building permits in Australia jumped 14.4% (MoM) in September, far beyond market estimates for a rise of 2.7% and compared to a 1.6% drop recorded in the previous month. Separately, another report revealed that Australia’s import and export price index rose more-than-expected 6.1% and 4.2% (QoQ), respectively, during the third quarter, following a 0.3% drop registered in the preceding quarter.
The pair is expected to find support at 0.9447, and a fall through could take it to the next support level of 0.9403. The pair is expected to find its first resistance at 0.9526, and a rise through could take it to the next resistance level of 0.9561.
Traders are expected to take cues from Australia’s AiG performance of manufacturing index, expected to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
