AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened marginally against the USD to close at 0.7041.
LME Copper prices declined 1.87% or $97.0/MT to $5081.0/MT. Aluminium prices declined 2.12% or $33.5/MT to $1545.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7076, with the AUD trading 0.50% higher from Friday’s close.
Overnight data revealed that Australia’s AiG performance of service index declined to 52.3 in September, compared to a reading of 55.6 in the previous month.
Meanwhile, the World Bank cut its 2015 and 2016 growth forecast for developing East Asia and Pacific, citing that the outlook for these regions was clouded by the risk of a sharp slowdown in China and the organisation also expected a possible spill over of an increase in U.S. interest rates.
The pair is expected to find support at 0.7025, and a fall through could take it to the next support level of 0.6974. The pair is expected to find its first resistance at 0.7105, and a rise through could take it to the next resistance level of 0.7133.
Going ahead, investors will look forward to RBA’s interest rate decision, to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
