AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.39% against the USD to close at 1.0401.
LME Copper prices rose 1.3% or $97.5/MT to $7670.3/MT. Aluminium prices rose 0.3% or $6.5/MT to $1927.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0410, with the AUD trading marginally higher from yesterday’s close.
This morning, the Conference Board’s leading index for Australia fell 0.3% in September, compared to a 0.8% fall in the previous month.
Meanwhile, the minutes of the Reserve Bank of Australia’s (RBA) November 6 policy meeting, released today morning, indicated that more interest-rate reductions may be appropriate to spur economic growth as a mining boom wanes.
In China, Foreign Direct Investment (FDI) decreased 3.5% (YoY) for the first ten months of 2012 to $91.7 billion.
The pair is expected to find support at 1.0373, and a fall through could take it to the next support level of 1.0336. The pair is expected to find its first resistance at 1.0436, and a rise through could take it to the next resistance level of 1.0462.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
