AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.73% against the USD and closed at 0.7634.
LME Copper prices rose 0.19% or $9.0/MT to $4816.0/MT. Aluminium prices rose/declined 0.27% or $4.5/MT to $1653.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7625, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Earlier today, data revealed that Australia’s HIA new home sales rebounded by 6.1% MoM in August, following a drop of 9.7% in the previous month. Also, the nation’s private sector credit advanced less-than-expected by 0.4% on a monthly basis in August, compared to a similar rise in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI index advanced to a level of 50.1 in September, at par with market expectations and after recording a reading of 50.0 in the prior month.
The pair is expected to find support at 0.7590, and a fall through could take it to the next support level of 0.7555. The pair is expected to find its first resistance at 0.7681, and a rise through could take it to the next resistance level of 0.7737.
Looking ahead, market participants await the announcement of RBA’s interest rate decision accompanied with the nation’s AiG performance of manufacturing and services indices, retail sales and trade balance data, all due to release next week.
The currency pair is trading/showing convergence with its 20 Hr and 50 Hr moving average.
