AUD/USD: Australia’s NAB business confidence improved in September


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.26% against the USD and closed at 0.7754.

LME Copper prices declined 0.5% or $32.0/MT to $6607.0/MT. Aluminium prices rose 0.6% or $13.5/MT to $2135.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7779, with the AUD trading 0.32% higher against the USD from yesterday’s close.

Earlier in the session, data indicated that Australia’s NAB business confidence index advanced to a level of 7.0 in September, compared to a reading of 5.0 in the previous month. Moreover, the nation’s NAB business conditions index remained unchanged at a level of 14.0 in September.

The pair is expected to find support at 0.7755, and a fall through could take it to the next support level of 0.7730. The pair is expected to find its first resistance at 0.7797, and a rise through could take it to the next resistance level of 0.7814.

Going ahead, traders will keep a close watch on Australia’s Westpac consumer confidence index for October, due to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

This entry was posted in AUD/USD. Bookmark the permalink.

Comments are closed.