AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.63% against the USD and closed at 0.7714.
LME Copper prices rose 2.0% or $95.5/MT to $4874.5/MT. Aluminium prices rose 1.23% or $20.0/MT to $1646.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7706, with the AUD trading 0.1% lower against the USD from yesterday’s close.
Early morning data showed that, Australia’s consumer inflation expectations dropped to 3.5% in August, compared to a reading of 3.7% in the previous month.
The pair is expected to find support at 0.7672, and a fall through could take it to the next support level of 0.7638. The pair is expected to find its first resistance at 0.7748, and a rise through could take it to the next resistance level of 0.7790.
Amid a lack of any major economic release from Australia for the rest of the week, investors would now focus on the minutes of the latest RBA meeting as well as the country’s employment figures, slated to release in the next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
