AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.15% against the USD to close at 0.9285.
LME Copper prices declined 0.2% or $12.5/MT to $6922.0/MT. Aluminium prices rose 0.4% or $9.0/MT to $2037.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9249, with the AUD trading 0.39% lower from yesterday’s close, after China, Australia’s biggest trading partner, reported that manufacturing activity of the nation unexpectedly fell more than expected to a three-month low in August to 50.3, easing from July’s 18-month high of 51.7.
Earlier this morning, data from Australia indicated that the leading economic index of the nation was up 0.4% in June, following a 0.2% increase in the previous month. Additionally, Australia registered a foreign exchange transaction surplus of A$ 433.0 million in July, following a transaction surplus of A$ 1,271.0 million in the prior month.
The pair is expected to find support at 0.9217, and a fall through could take it to the next support level of 0.9186. The pair is expected to find its first resistance at 0.93, and a rise through could take it to the next resistance level of 0.9352.
Amid lack of economic releases from Australia today, market participants would focus on economic releases from global events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
