AUDUSD Movement
On Friday, the AUD strengthened 0.32% against the USD to close at 0.9432.
LME Copper prices declined 0.9% or $67.5/MT to $7148.0/MT. Aluminium prices rose 0.2% or $4.0/MT to $1789.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9418, with the AUD trading 0.15% lower from Friday’s close. Earlier today, a report showed that Australia’s AiG performance of construction index advanced to a reading of 47.6 in September, highest level in almost 3½ years, extending the picture of a nascent recovery gaining traction in the economy.
The pair is expected to find support at 0.9403, and a fall through could take it to the next support level of 0.9387. The pair is expected to find its first resistance at 0.9447, and a rise through could take it to the next resistance level of 0.9475.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
