AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.07% against the USD to close at 0.8740.
LME Copper prices rose 0.28% or $19.0/MT to $6755.0/MT. Aluminium prices declined 1.89% or $36.5/MT to $1898.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8793, with the AUD trading 0.61% higher from yesterday’s close, following robust economic data in Australia.
Early morning data indicated that Australia’s trade deficit narrowed to A$787 million in August, less than market expectations at A$800 million and compared to previous month’s trade deficit of A$1075 million. Additionally, building approvals in the nation rose 3.0% on a monthly basis in August, exceeding expectations for a 1.0% gain and following a revised increase of 2.1% registered in the prior month.
The pair is expected to find support at 0.8702, and a fall through could take it to the next support level of 0.861. The pair is expected to find its first resistance at 0.8845, and a rise through could take it to the next resistance level of 0.8896.
Going ahead, investors look forward to Australia’s AiG performance of service index, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
