AUDUSD Movement
On Friday, the AUD weakened 1.41% against the USD to close at 0.6918.
LME Copper prices declined 1.80% or $94.5/MT to $5155.5/MT. Aluminium prices declined 0.31% or $5.0/MT to $1601.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6937, with the AUD trading 0.27% higher from Friday’s close.
Overnight data showed that Australia’s AiG performance of construction index expanded to a level of 53.8 in August, notching its highest reading since September 2014, and compared to a reading of 47.1 recorded in the preceding month.
The pair is expected to find support at 0.6891, and a fall through could take it to the next support level of 0.6846. The pair is expected to find its first resistance at 0.6999, and a rise through could take it to the next resistance level of 0.7062.
Moving ahead, market participants await the release of Australia’s NAB business condition and confidence indices data, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
