AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.26% against the USD and closed at 0.6881 on Friday.
LME Copper prices rose 0.5% or $27.5/MT to $5870.0/MT. Aluminium prices declined 0.3% or $6.0/MT to $1768.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6872, with the AUD trading 0.13% lower against the USD from Friday’s close.
Elsewhere in China, Australia’s largest trading partner, industrial production rose 4.4% on an annual basis in August, growing at its weakest pace in 17-1/2 years and less than market expectations for a gain of 5.2%. In the preceding month, industrial production had recorded a rise of 4.8%. Meanwhile, the nation’s retail sales advanced 7.5% on a yearly basis in August, less than market anticipations for an increase of 8.0%. Retail sales had registered a rise of 7.6% in the previous month.
The pair is expected to find support at 0.6861, and a fall through could take it to the next support level of 0.6850. The pair is expected to find its first resistance at 0.6887, and a rise through could take it to the next resistance level of 0.6902.
Looking ahead, traders would await Reserve Bank of Australia’s meeting minutes along with Australia’s house price index for the second quarter, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
