AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.43% against the USD to close at 1.0404.
In the Asian session at 3:00GMT, the pair is trading at 1.0434, 0.29% higher from yesterday’s close at 23:00 GMT. A private report signaled China’s manufacturing activity was stronger in August than a month earlier, boosting demand for higher-yielding assets. The Australian dollar rose after the report eased concern that Asia’s largest economy is slowing.
LME Copper prices rose 0.3% or $30.0/MT to $8,811.3/ MT. Aluminium prices rose 0.7% or $16.3/MT to $2,324.8/ MT.
The pair is expected to find first short term resistance at 1.0459, with the next resistance levels at 1.0485 and 1.0555, subsequently. The first support for the pair is seen at 1.0389, followed by next supports at 1.0345 and 1.0275 respectively.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
