AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.29% against the USD to close at 1.0340.
LME Copper prices rose 2.8% or $188.0/MT to $ 8031.8/MT. Aluminium prices rose 2.2% or $44.0/MT to $ 2031.8/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0346, with the AUD trading 0.06% higher from yesterday’s close.
In Australia, the National Australia Bank (NAB), in its monthly business survey, showed that business confidence fell to -2 in August, from a reading of 3 in July. However, business conditions improved to 1 in August, from -3 in July.
The pair is expected to find support at 1.0317, and a fall through could take it to the next support level of 1.0289. The pair is expected to find its first resistance at 1.0380, and a rise through could take it to the next resistance level of 1.0415.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
