AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.25% against the USD to close at 0.8765.
On the macro front, the Australian AiG performance of construction index climbed to 59.1 in September, following a reading of 55.0 recorded in the prior month.
LME Copper prices rose 0.71% or $47.5/MT to $6712.5/MT. Aluminium prices rose 0.80% or $15.0/MT to $1898.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8741, with the AUD trading 0.27% lower from yesterday’s close.
In economic news, the RBA kept its interest rates steady at 2.5%, for the 14th consecutive month and in line with market expectations. Additionally, the RBA raised concerns regarding the “over-valued” Aussie as well as the country’s housing market as both are hampering the nation’s economic growth.
The pair is expected to find support at 0.8687, and a fall through could take it to the next support level of 0.8632. The pair is expected to find its first resistance at 0.8791, and a rise through could take it to the next resistance level of 0.8840.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
