AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.22% against the USD and closed at 0.6765 on Friday.
LME Copper prices declined 0.8% or $43.0/MT to $5714.0/MT. Aluminium prices declined 0.6% or $11.0/MT to $1713.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6756, with the AUD trading 0.13% lower against the USD from Friday’s close.
Early morning data indicated that in Australia growth in private sector credit demand advanced 2.9% on an annual basis in August, following a rise of 3.1% in the previous month.
Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI rose to a level of 51.4 in September, compared to a level of 50.4 in the prior month.
The pair is expected to find support at 0.6742, and a fall through could take it to the next support level of 0.6729. The pair is expected to find its first resistance at 0.6774, and a rise through could take it to the next resistance level of 0.6793.
Going forward, investors would keep an eye on the Reserve Bank of Australia’s interest rate decision along with Australia’s building permits for August, set to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
