AUD/USD: Australia’s consumer confidence index fell to a 4-year low level in October


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD marginally declined against the USD and closed at 0.673.

LME Copper prices rose 0.4% or $24.5/MT to $5650.5/MT. Aluminium prices rose 1.1% or $19.0/MT to $1732.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6741, with the AUD trading 0.16% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac consumer confidence index dropped to a 4-year low level by 5.5% on monthly basis to a level of 92.8 in October, compared to a level of 98.2 in the prior month.

The pair is expected to find support at 0.6724, and a fall through could take it to the next support level of 0.6706. The pair is expected to find its first resistance at 0.6758, and a rise through could take it to the next resistance level of 0.6774.

In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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