AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.20% against the USD on Friday to close at 0.7567.
LME Copper prices declined 0.28% or $13.0/MT to $4607.0/MT. Aluminium prices rose 0.32% or $5.0/MT to $1592.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7590, with the AUD trading 0.30% higher against the USD from Friday’s close.
Over the weekend, data showed that Australia’s AiG performance of services index deteriorated sharply to a level of 45.0 in August, its first drop seen since June 2015 and following a reading of 53.9 in the prior month.
Early this morning in China, Australia’s largest trading partner, the Caixin services PMI rose to a level of 52.1 in August, led by a modest growth in new orders and as business expectations rose to a six-month high. The index had registered a reading of 51.7 in the previous month.
The pair is expected to find support at 0.7543, and a fall through could take it to the next support level of 0.7496. The pair is expected to find its first resistance at 0.7626, and a rise through could take it to the next resistance level of 0.7662.
Moving ahead, market participants await the Reserve Bank of Australia’s interest rate decision, scheduled to be announced in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
