AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.14% against the USD to close at 0.7181.
LME Copper prices rose 0.36% or $19.0/MT to $5369.0/MT. Aluminium prices rose 0.50% or $8.0/MT to $1606.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7191, with the AUD trading 0.13% higher from yesterday’s close.
The RBA Governor, Glenn Stevens’ in his semi-annual testimony remained optimistic over the economic health of the Australian economy and added that the nation can withstand China’s recent downturn.
Earlier morning data showed that, in China, Australia’s biggest trading partner, the house price index fell 2.3% in August, following a 3.7% drop recorded in the preceding month.
The pair is expected to find support at 0.7127, and a fall through could take it to the next support level of 0.7062. The pair is expected to find its first resistance at 0.7266, and a rise through could take it to the next resistance level of 0.7341.
With no economic releases in Australia today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
