AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.50% against the USD to close at 0.6981.
LME Copper prices declined 2.61% or $133.0/MT to $4965.0/MT. Aluminium prices declined 1.88% or $29.5/MT to $1537.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.695, with the AUD trading 0.43% lower from yesterday’s close.
Earlier today, in China, Australia’s largest trading partner, the leading index dropped to a level of 98.23 in August, from a downwardly revised reading of 98.4 in the preceding month.
The pair is expected to find support at 0.6918, and a fall through could take it to the next support level of 0.6885. The pair is expected to find its first resistance at 0.7010, and a rise through could take it to the next resistance level of 0.7070.
Moving ahead, market participants would keep a close eye on Australia’s building permits data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
