AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.79% against the USD and closed at 0.7176.
LME Copper prices declined 0.1% or $4.5/MT to $6083.5/MT. Aluminium prices declined 1.6% or $30.5/MT to $1934.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7216, with the AUD trading 0.56% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s NAB business confidence index slid to a level of 4.0 in October, compared to a reading of 6.0 in the prior month. Meanwhile, the nation’s NAB business conditions index declined to a level of 12.0 in October, following a revised reading of 14.0 in the preceding month.
The pair is expected to find support at 0.7175, and a fall through could take it to the next support level of 0.7133. The pair is expected to find its first resistance at 0.7247, and a rise through could take it to the next resistance level of 0.7277.
Moving ahead, investors will keep a close watch on Australia’s Westpac consumer confidence index for November, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
