AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose marginally against the USD and closed at 0.7584 on Friday.
Weekend data indicated that, in China, Australia’s largest trading partner, the Caixin/Markit services PMI index eased to a level of 52.0 in September, but remained in the expansion territory, following a reading of 52.1 in the preceding month.
LME Copper prices traded flat at $4742.0/MT. Aluminium prices rose 0.45% or $7.5/MT to $1675.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7591, with the AUD trading 0.09% higher against the USD from Friday’s close.
The pair is expected to find support at 0.7553, and a fall through could take it to the next support level of 0.7514. The pair is expected to find its first resistance at 0.7627, and a rise through could take it to the next resistance level of 0.7662.
Moving ahead, investors would concentrate on Australia’s NAB business confidence index for September and mid-year economic and fiscal outlook report, due to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
