AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.64% against the USD to close at 0.9304, as investors’ confidence in the Aussie was hurt by a decline in the National Australia Bank’s business confidence data for October.
LME Copper prices declined 0.2% or $11.0/MT to $7124.0/MT. Aluminium prices fell 0.3% or $5.5/MT to $1755.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9304, with the AUD trading flat from yesterday’s close. Earlier today, in Australia, the Westpac consumer confidence rose 1.9% in November, rebounding from a 2.1% drop registered in the preceding month.
The pair is expected to find support at 0.9268, and a fall through could take it to the next support level of 0.9232. The pair is expected to find its first resistance at 0.9341, and a rise through could take it to the next resistance level of 0.9378.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
