AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.07% against the USD and closed at 0.7609.
LME Copper prices declined 0.27% or $13.0/MT to $4775.5/MT. Aluminium prices declined 0.48% or $8.0/MT to $1662.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7605, with the AUD trading slightly lower against the USD from yesterday’s close.
Overnight data showed that, Australia’s trade deficit narrowed more-than-expected to a level of A$2010.0 million in August, posting its 29th consecutive trade deficit, following a revised trade deficit of A$2121.0 million in the prior month while markets anticipated the nation to record a trade deficit of A$2300.0 million.
The pair is expected to find support at 0.7582, and a fall through could take it to the next support level of 0.7559. The pair is expected to find its first resistance at 0.7636, and a rise through could take it to the next resistance level of 0.7667.
Going ahead, investors await the release of Australia’s AiG performance of construction index for September, due to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
