AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.10% against the USD and closed at 0.7119.
LME Copper prices rose 0.2% or $8.5/MT to $5849.0/MT. Aluminium prices rose 1.8% or $35.0/MT to $2035.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7101, with the AUD trading 0.25% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s Westpac consumer confidence index dropped 3.0% to a level of 100.50 on a monthly basis in September, following a reading of 103.6 in the previous month.
The pair is expected to find support at 0.7081, and a fall through could take it to the next support level of 0.7061. The pair is expected to find its first resistance at 0.7125, and a rise through could take it to the next resistance level of 0.7149.
Looking ahead, investors would keep an eye on Australia’s consumer inflation expectations for September and unemployment rate for August, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
