Australian Dollar Strengthens Against The Greenback In The Asian Session

Australian Dollar Strengthens Against The Greenback In The Asian Session

For the 24 hours to 23:00 GMT, AUD strengthened 0.24% against the USD to close at 1.0363.

LME Copper prices rose 0.5% or $40.3/MT to $7759.8/MT. Aluminium prices rose 0.6% or $11.0/MT to $1884.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0377, with the AUD trading 0.14% higher from yesterday’s close.

Data released this morning in Australia showed that private sector credit rose 4.0% (YoY) in September, against the expectations for an increase of 3.9%, and lower than the 4.1% gain in the previous month. Additionally, the total number of building approvals in Australia rose 7.8% (MoM) in September, from an upwardly revised gain of 8.8% in August.

The pair is expected to find support at 1.0346, and a fall through could take it to the next support level of 1.0315. The pair is expected to find its first resistance at 1.0400, and a rise through could take it to the next resistance level of 1.0422.