AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.24% against the USD and closed at 0.7652 on Friday.
LME Copper prices rose 0.32% or $15.5/MT to $4832.0/MT. Aluminium prices rose 0.33% or $5.5/MT to $1658.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7656, with the AUD trading marginally higher against the USD from Friday’s close.
Overnight data indicated that, Australia’s AiG performance of manufacturing index advanced to a level of 49.8 in September, but remained in the contraction territory for a second consecutive month, compared to a reading of 46.9 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI unexpectedly remained steady at a level of 50.4 in September, remaining at its highest level in almost two years for a second month. Markets expected the index to advance to a level of 50.5. Moreover, the nation’s NBS non-manufacturing PMI rose to a level of 53.7 in September, following a level of 53.5 in the preceding month.
The pair is expected to find support at 0.7605, and a fall through could take it to the next support level of 0.7554. The pair is expected to find its first resistance at 0.7689, and a rise through could take it to the next resistance level of 0.7722.
On account of a holiday observed in Australia today, AUD investors would look forward to global events for direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
