AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.38% against the USD and closed at 0.758.
LME Copper prices declined 0.74% or $35.5/MT to $4742.0/MT. Aluminium prices rose 0.3% or $5.0/MT to $1667.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7574, with the AUD trading 0.08% lower against the USD from yesterday’s close.
Overnight data revealed that, Australia’s AIG performance of construction index climbed to a level of 51.4 in September, swinging back into expansion territory. In the prior month, the AIG performance of construction index had recorded a level of 46.6.
The pair is expected to find support at 0.7549, and a fall through could take it to the next support level of 0.7524. The pair is expected to find its first resistance at 0.7608, and a rise through could take it to the next resistance level of 0.7642.
Market participants would concentrate on the release of Australia’s NAB business confidence, Westpac consumer confidence, consumer inflation expectations, mid-year economic and fiscal outlook report, all due next week.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
