AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.75% against the USD to close at 0.9393, as investors cheered the Reserve Bank of Australia’s (RBA) decision to keep its interest rate unchanged at 2.5%, at its October policy meeting.
LME Copper prices declined 1.0% or $71.5/MT to $7219.0/MT. Aluminium prices eased 0.9% or $17.0/MT to $1786.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9374, with the AUD trading 0.20% lower from yesterday’s close. Earlier today, a report from Australia showed that the nation’s trade deficit narrowed to a reading of $815 million in August, failing to meet analysts’ expectation for a $450 million deficit and compared to a deficit of $1.375 billion registered in July. Separately, another report showed that building permits in the nation declined 4.7% (MoM) in August, more than analysts’ call for a 2.0% drop and following a 10.2% surge witnessed in the previous month. However, the HIA new home sales in Australia, rebounded 3.4% in August, from a 4.7% drop registered in the previous month.
The pair is expected to find support at 0.9320, and a fall through could take it to the next support level of 0.9267. The pair is expected to find its first resistance at 0.9432, and a rise through could take it to the next resistance level of 0.9491.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
