AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.06% against the USD to close at 0.7157.
LME Copper prices rose 0.59% or $ 30.5/MT to $ 5175.0/MT. Aluminium prices declined 0.03% or $ -0.5/MT to $ 1546.5/MT.
Data released showed that, Australia’s AiG performance of construction index declined to a level of 51.9 in September, from a reading of 53.8 in August.
Separately, the IMF stayed optimistic about Australia’s growth, predicting that the country’s economy will grow 2.4% in 2015, slightly lower from its previous outlook. The organisation further stated that the country will have to come up with significant policy changes to bolster its economic outlook.
Meanwhile for China, Australia’s biggest trading partner, the IMF forecasted that the world’s second biggest economy would grow by 6.8% and 6.3% in 2015 and 2016, respectively.
In the Asian session, at GMT0300, the pair is trading at 0.7175, with the AUD trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 0.7108, and a fall through could take it to the next support level of 0.7040. The pair is expected to find its first resistance at 0.7212, and a rise through could take it to the next resistance level of 0.7249.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
