AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.10% against the USD to close at 0.9384.
LME Copper prices declined 0.9% or $63.0/MT to $7156.0/MT. Aluminium prices fell 0.7% or $12.5MT to $1773.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9393, with the AUD trading 0.10% higher from yesterday’s close. Earlier today, in Australia, the AiG performance of services index advanced to a reading of 47.1 during September, compared to a level of 39.0 witnessed in the preceding month. Meanwhile, non-manufacturing PMI from China, Australia’s largest trading partner, registered a reading of 55.4 in September, up from previous month’s reading of 53.9.
The pair is expected to find support at 0.9348, and a fall through could take it to the next support level of 0.9304. The pair is expected to find its first resistance at 0.9421, and a rise through could take it to the next resistance level of 0.9450.
Traders are eyeing global economic news for further direction in the pair amid lack of economic data from Australia.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
