AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 1.30% against the USD to close at 0.7101.
LME Copper prices declined 0.78% or $40.5/MT to $5179.0/MT. Aluminium prices declined 1.38% or $20.0/MT to $1434.0/MT.
Yesterday, in China, Australia’s largest trading partner, the MNI consumer sentiment index plummeted 7.2% to a level of 109.7 in October, reaching its lowest level since 2007, after posting a reading of 118.2 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 0.7107, with the AUD trading marginally higher from yesterday’s close.
Early morning data showed that Australia’s new home sales index fell for the third month this year by 4.0% MoM in September, after advancing by 2.3% in August.
The pair is expected to find support at 0.7071, and a fall through could take it to the next support level of 0.7034. The pair is expected to find its first resistance at 0.7152, and a rise through could take it to the next resistance level of 0.7197.
Moving ahead, investors will look forward to Australia’s private sector credit data for September, scheduled to be released early morning tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
