AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.16% against the USD to close at 0.8758.
Yesterday, the RBA Assistant Governor, Guy Debelle stated that the Australian Dollar still remained “over-priced” and thus the exchange rate was offering less assistance in achieving balanced growth in the Australian economy.
LME Copper prices rose 1.57% or $105.0/MT to $6802.0/MT. Aluminium prices rose/declined 0.63% or $12.0/MT to $1903.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8803, with the AUD trading 0.51% higher from yesterday’s close.
Early morning data indicated that, Australia’s business confidence index eased to a 12-month low reading of 5.0 in September, following a revised reading of 7.0 in the previous month.
The pair is expected to find support at 0.8737, and a fall through could take it to the next support level of 0.8672. The pair is expected to find its first resistance at 0.8841, and a rise through could take it to the next resistance level of 0.8880.
Trading trends in the AUD today would be determined by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
