AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.7227 on Friday.
LME Copper prices declined 0.7% or $42.0/MT to $6180.0/MT. Aluminium prices declined 0.9% or $18.5/MT to $2011.5/MT.
Overnight data revealed that, Australia’s AiG performance manufacturing index advanced to 59.0 in September, compared to a reading of 56.7 in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin manufacturing PMI slid to a level of 50.0 in September, contracting for the first time in 15 months and driven by large drop in exports recorded in two decades. In the prior month, the PMI had recorded a reading of 50.6 while market participants had envisaged for a fall to a level of 50.5.
In the Asian session, at GMT0300, the pair is trading at 0.7220, with the AUD trading 0.10% lower against the USD from Friday’s close.
The pair is expected to find support at 0.7202, and a fall through could take it to the next support level of 0.7185. The pair is expected to find its first resistance at 0.7239, and a rise through could take it to the next resistance level of 0.7259.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
