AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.74% against the USD to close at 0.7078.
LME Copper prices declined 2.58% or $136.0/MT to $5131.0/MT. Aluminium prices declined 2.08% or $33.5/MT to $1578.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.703, with the AUD trading 0.67% lower from yesterday’s close.
Early morning data revealed that Australia’s Conference Board leading index rebounded 0.3% in July compared to a similar drop recorded in the preceding month.
Elsewhere, in China, Australia’s biggest trading partner, the preliminary print of the nation’s manufacturing PMI fell to a six-and-a-half-year low level of 47.0 in September, against market expectations of an advance to a level of 47.5 and compared to prior month’s reading of 47.3, thereby escalating fears about a sharper downturn in the world’s second biggest economy and its impact on global financial markets.
The pair is expected to find support at 0.6980, and a fall through could take it to the next support level of 0.6929. The pair is expected to find its first resistance at 0.7121, and a rise through could take it to the next resistance level of 0.7212.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
