AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.07% against the USD and closed at 0.7520.
LME Copper prices declined 0.14% or $6.5/MT to $4602.5/MT. Aluminium prices declined 1.63% or $26.5/MT to $1601.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7534, with the AUD trading 0.19% higher against the USD from yesterday’s close.
Overnight data indicated that, Australia’s AIG performance of manufacturing index eased to a level of 46.9 in August, contracting for the first time in fourteen months, raising fresh doubts about the health of the nation’s economy. The index had recorded a level of 56.4 in the prior month.
Early this morning, data showed that Australia’s seasonally adjusted retail sales remained flat on a monthly basis in July, following a 0.1% rise in the previous month.
Elsewhere in China, Australia’s largest trading partner, the NBS manufacturing PMI unexpectedly advanced to a level of 50.4 in August, crawling out of the contraction territory and recording its highest level since October 2014. Meanwhile, markets expected the index to remain steady at a level of 49.9. On the other hand, the Caixin/Markit manufacturing PMI index dropped to a level of 50.0 in August, after recording a level of 50.6 in the prior month. Also, the nation’s NBS non-manufacturing PMI eased to a level of 53.5 in August, compared to a reading of 53.9 in the prior month.
The pair is expected to find support at 0.7499, and a fall through could take it to the next support level of 0.7464. The pair is expected to find its first resistance at 0.7558, and a rise through could take it to the next resistance level of 0.7582.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
