AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.34% against the USD and closed at 0.7458.
LME Copper prices rose 1.5% or $68.5/MT to $4641.5/MT. Aluminium prices rose 0.71% or $11.0/MT to $1556.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7483, with the AUD trading 0.34% higher against the USD from yesterday’s close.
Earlier today, data indicated that Australia’s Westpac consumer confidence index rose by 0.3% to a level of 101.4 in September, advancing for the second consecutive month, after recording a level of 101.0 in the prior month.
The pair is expected to find support at 0.7428, and a fall through could take it to the next support level of 0.7372. The pair is expected to find its first resistance at 0.7550, and a rise through could take it to the next resistance level of 0.7616.
Investors would now concentrate on Australia’s unemployment rate data for August and consumer inflation expectation data for September, both slated to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
