AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.25% against the USD to close at 0.6998.
LME Copper prices rose 0.91% or $45.0/MT to $5010.0/MT. Aluminium prices rose 0.78% or $12.0/MT to $1549.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7012, with the AUD trading 0.2% higher from yesterday’s close.
Early morning data indicated that building permits in Australia retreated 6.9% more than market forecasts on a monthly basis in August, following an increase of 7.9% recorded in the preceding month. Meanwhile, private sector credit growth in the country remained unchanged from its previous month’s rise of 0.6% MoM in August, beating market expectations for a gain of 0.5%.
The pair is expected to find support at 0.6957, and a fall through could take it to the next support level of 0.6902. The pair is expected to find its first resistance at 0.7046, and a rise through could take it to the next resistance level of 0.7081.
Going forward, market participants would monitor Australia’s AiG performance of manufacturing index data, scheduled overnight for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
