AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.16% against the USD and closed at 0.7645.
LME Copper prices rose 1.74% or $82.5/MT to $4815.5/MT. Aluminium prices rose 2.64% or $41.5/MT to $1611.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7635, with the AUD trading 0.13% lower against the USD from yesterday’s close.
Early morning data indicated that, in China, Australia’s largest trading partner, the MNI business sentiment index advanced to a level of 55.8 in September, notching its highest level since August 2015, following a revised level of 54.1 in the prior month.
The pair is expected to find support at 0.7613, and a fall through could take it to the next support level of 0.7591. The pair is expected to find its first resistance at 0.7666, and a rise through could take it to the next resistance level of 0.7697.
Moving ahead, market participants look forward to Australia’s mid-year economic and fiscal outlook report and HIA new home sales for August, scheduled to release next week.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
