AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.50% against the USD to close at 0.7036.
LME Copper prices rose 1.67% or $85.0/MT to $5178.0/MT. Aluminium prices rose 1.06% or $16.5/MT to $1578.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7016, with the AUD trading 0.28% lower from yesterday’s close.
Early morning data showed that retail sales in Australia rebounded 0.4% on a monthly basis in August, at par with market expectations and following a 0.1% contraction in July. Meanwhile, new home sales in the nation advanced 2.3% on a MoM basis in August, after witnessing a 1.8% fall in the preceding month.
The pair is expected to find support at 0.6990, and a fall through could take it to the next support level of 0.6963. The pair is expected to find its first resistance at 0.7065, and a rise through could take it to the next resistance level of 0.7114.
Going forward, the RBA’s monetary policy decision, scheduled next week, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
