AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD strengthened marginally against the USD to close at 1.0339.
On Sunday, in China, the house price index fell 1.1% (MoM) in October, following a 1.3% drop recorded in the previous month.
LME Copper prices declined 0.4% or $32.5/MT to $7572.8/MT. Aluminium prices declined 0.5% or $10.5/MT to $1921.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0374, with the AUD trading 0.34% higher from Friday’s close, after the US President, Barack Obama expressed confidence that the US can avoid the so-called fiscal cliff, boosting demand for high-yielding currencies. The Aussie also advanced, on rise in risk appetite as the Bank of Japan begins a two-day policy meeting with political pressure mounting for more monetary stimulus.
The pair is expected to find support at 1.0315, and a fall through could take it to the next support level of 1.0256. The pair is expected to find its first resistance at 1.0406, and a rise through could take it to the next resistance level of 1.0438.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
