AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.94% against the USD and closed at 0.7614.
LME Copper prices declined 0.34% or $16.5/MT to $4777.5/MT. Aluminium prices rose 1.24% or $20.5/MT to $1670.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7632, with the AUD trading 0.24% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s AIG performance of services index advanced to a level of 48.9 in September, compared to a reading of 45.0 in the previous month. Additionally, the nation’s seasonally adjusted retail sales rose more-than-expected by 0.4% on a monthly basis in August, notching its seven-month high level, compared to a flat reading in the previous month while markets had envisaged for a gain of 0.2%.
The pair is expected to find support at 0.7595, and a fall through could take it to the next support level of 0.7558. The pair is expected to find its first resistance at 0.7676, and a rise through could take it to the next resistance level of 0.7720.
Moving ahead, Australia’s trade balance for August, slated to release in the early hours’ tomorrow, would be on investor’s radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
