AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.24% against the USD and closed at 0.7624.
LME Copper prices declined 0.19% or $9.0/MT to $4633.5/MT. Aluminium prices declined 0.59% or $9.5/MT to $1612.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.763, with the AUD trading 0.08% higher against the USD from yesterday’s close.
Early morning data indicated that, in China, Australia’s largest trading partner, the MNI business sentiment index dropped to a level of 52.2 in October, following a reading of 55.8 in the prior month. On the contrary, the nation’s house price index advanced by 4.3% in September, after recording a rise of 9.2% in the previous month.
The pair is expected to find support at 0.7596, and a fall through could take it to the next support level of 0.7563. The pair is expected to find its first resistance at 0.7681, and a rise through could take it to the next resistance level of 0.7733.
Going ahead, market participants would closely monitor Australia’s consumer price index for 3Q and HIA new home sales for September, both slated to release next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
