AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.75% against the USD and closed at 0.7584.
LME Copper prices rose 1.20% or $56.5/MT to $4774.0/MT. Aluminium prices rose 0.51% or $8.5/MT to $1681.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7598, with the AUD trading 0.18% higher against the USD from yesterday’s close.
Overnight data revealed that, Australia’s new home sales advanced by 2.7% MoM in September, rising for the second consecutive month, after recording a rise of 6.1% in the previous month.
The pair is expected to find support at 0.7570, and a fall through could take it to the next support level of 0.7542. The pair is expected to find its first resistance at 0.7632, and a rise through could take it to the next resistance level of 0.7666.
Going ahead, investors would closely monitor RBA’s interest rate decision accompanied with Australia’s AiG performance of manufacturing and services indices for October along with building permits and retail sales for September, all due to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
