AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.69% against the USD to close at 1.0378, as upbeat housing data in the US fuelled risk appetite.
LME Copper prices declined 0.4% or $28.8/MT to $8112.3/MT. Aluminium prices rose 0.1% or $1.8/MT to $1932.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0384, with the AUD trading 0.06% higher from yesterday’s close.
This morning, business confidence in Australia rose to a reading of -2.0 in the Q3 of FY2012, from a revised reading of -3.0 in the Q2 FY2012.
Meanwhile, in China the gross domestic product (GDP) rose 7.4% in the Q3 FY2012, following a 7.6% growth rate recorded in the previous quarter. Meanwhile, industrial production grew 9.2% (YoY) in September, compared to a forecast for a 9.0% rise. Also, retail sales grew 14.2% annually in September, compared to expectations for a 13.2% increase.
The pair is expected to find support at 1.0325, and a fall through could take it to the next support level of 1.0265. The pair is expected to find its first resistance at 1.0420, and a rise through could take it to the next resistance level of 1.0456.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
