AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.40% against the USD and closed at 0.7049 on Friday.
LME Copper prices declined 2.0% or $127.5/MT to $6182.5/MT. Aluminium prices fell 4.6% or $103.5/MT to $2140.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7050, with the AUD trading marginally higher against the USD from Friday’s close.
In economic news, the ANZ job advertisements slid 0.8% on a monthly basis in September. In the previous month, the ANZ job advertisements had fallen by a revised 0.7%.
Elsewhere, in China, Australia’s largest trading partner, the Caixin/Markit services PMI unexpectedly climbed to a level of 53.1 in September, compared to market expectations for a fall to a level of 51.4. The Caixin/Markit services PMI index had recorded a reading of 51.5 in the prior month.
The pair is expected to find support at 0.7033, and a fall through could take it to the next support level of 0.7016. The pair is expected to find its first resistance at 0.7077, and a rise through could take it to the next resistance level of 0.7104.
Moving ahead, market participants would keep a close watch on Australia’s NAB business confidence index for September, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
