AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.32% against the USD to close at 0.8851.
LME Copper prices rose 0.22% or $15.0/MT to $6797.0/MT. Aluminium prices rose/declined 0.75%% or $14.5/MT to $1939.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8857, with the AUD trading 0.07% higher from yesterday’s close.
Earlier today, data indicated that the CB leading index of Australia advanced 0.50% in July, compared to a revised rise of 0.20% registered in the prior month. Additionally, internet skilled vacancies in the nation rose 1.0%, on a monthly basis, in August, after registering 0.90% increase in the preceding month.
Separately, the RBA, in its bi-annual Financial Stability Review, expressed concern over the soaring housing prices in the nation and cautioned that it could pose risks to the economy. It, further, warned that the risks to financial institutions would rise if lending growth increased at higher rates.
The pair is expected to find support at 0.8816, and a fall through could take it to the next support level of 0.8774. The pair is expected to find its first resistance at 0.8914, and a rise through could take it to the next resistance level of 0.897.
In the absence of any domestic macroeconomic later in the day, investors would shift their focus to the speech of the RBA Governor, Glenn Stevens, slated to commence early tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
