AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.41% against the USD and closed at 0.7651.
LME Copper prices rose 0.73% or $35.0/MT to $4862.0/MT. Aluminium prices rose 0.52% or $9.0/MT to $1732.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7629, with the AUD trading 0.29% lower against the USD from yesterday’s close.
Overnight data indicated that Australia’s seasonally adjusted building approvals declined by 8.7% on a monthly basis in September, higher than market expectations for a fall of 3.0% and following a drop of 1.8% in the prior month.
The pair is expected to find support at 0.7596, and a fall through could take it to the next support level of 0.7563. The pair is expected to find its first resistance at 0.7675, and a rise through could take it to the next resistance level of 0.7721.
Going ahead, market participants would keep a close watch on Australia’s AiG performance of services index for October, due to release tonight along with trade balance for September, slated to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
