AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD traded flat against the USD, on Friday, to close at 1.0398.
In Australia, this morning, the AiG Performance of Construction Index declined to 34.7 in October compared to 30.0 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0371, with the AUD trading 0.26% lower from Friday’s close.
LME Copper prices rose 1.1% or $85.0/MT to $7,930.0/ MT. Aluminium prices rose 0.3% or $7.0/MT to $2,130.5/ MT.
The pair is expected to find support at 1.0315, and a fall through could take it to the next support level of 1.0258. The pair is expected to find its first resistance at 1.0428, and a rise through could take it to the next resistance level of 1.0484.
The pair is expected to trade on the cues from the release of trade balance and NAB business confidence data in Australia.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
