AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.7225.
LME Copper prices declined 0.1% or $8.0/MT to $6172.0/MT. Aluminium prices rose 1.8% or $36.0/MT to $2047.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7228, with the AUD trading marginally higher against the USD from yesterday’s close.
The Reserve Bank of Australia (RBA), in its latest policy meeting, retained its benchmark interest rate at 1.50%, in line with expectations.
Overnight data revealed that Australia’s CBA manufacturing PMI advanced to a level of 54.0 in September, rising at its fastest pace since June and compared to reading of 53.2 in the prior month.
The pair is expected to find support at 0.7211, and a fall through could take it to the next support level of 0.7195. The pair is expected to find its first resistance at 0.7240, and a rise through could take it to the next resistance level of 0.7253.
Moving ahead, investors would keep an eye on Australia’s AiG performance of service index for September and building approvals for August, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
