AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.41% against the USD to close at 1.0306.
LME Copper prices rose 0.1% or $11.5/MT to $8141.0/MT. Aluminium prices declined 1.0% or $19.3/MT to $1930.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0313, with the AUD trading marginally higher from yesterday’s close, after a survey by Westpac and the Melbourne Institute revealed today morning, that a leading indicator of Australia’s economic activity rose at a faster pace than its long-term trend in August, for the first time in a year.
The annualized growth rate in the Westpac-Melbourne Institute leading index, which indicates the likely pace of economic activity three to nine months into the future, was 3.0% in August, just above its long term trend of 2.7%. The level of the leading index rose 0.5% (MoM) to 286.0 in August, from 284.7 in July.
The pair is expected to find support at 1.0269, and a fall through could take it to the next support level of 1.0224. The pair is expected to find its first resistance at 1.0340, and a rise through could take it to the next resistance level of 1.0368.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
