AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.22% against the USD and closed at 0.6749.
LME Copper prices rose 0.3% or $14.0/MT to $5728.0/MT. Aluminium prices declined 0.6% or $9.5/MT to $1703.5/MT.
Overnight data showed that Australia’s seasonally adjusted building permits unexpectedly dropped 1.1% on a monthly basis in August, confounding market expectations for an advance of 2.5%. In the previous month, building approvals had recorded a fall of 9.7%. Meanwhile, the AiG performance of manufacturing index rose to a level of 54.7 in September, compared to a reading of 53.1 in the previous month.
The Reserve Bank of Australia (RBA), in its latest monetary policy meeting, slashed its interest rate by 25 basis points to 0.75%, as widely expected and forecasted another rate cut in the beginning of 2020.
In the Asian session, at GMT0300, the pair is trading at 0.6736, with the AUD trading 0.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 0.6724, and a fall through could take it to the next support level of 0.6713. The pair is expected to find its first resistance at 0.6756, and a rise through could take it to the next resistance level of 0.6777.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
