AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.80% against the USD to close at 0.9122.
LME Copper prices rose marginally by $3.5/MT to $7071.0/MT. Aluminium prices gained 0.1% or $1.0/MT to $1735.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9124, with the AUD trading tad higher from yesterday’s close. Earlier today, the Australian Bureau of Statistics reported that construction work done in the Australian economy surged 2.7% in the third quarter, way above analysts’ call for a 0.5% rise and compared to a 0.1% increase registered in the preceding quarter.
The pair is expected to find support at 0.9072, and a fall through could take it to the next support level of 0.9020. The pair is expected to find its first resistance at 0.9191, and a rise through could take it to the next resistance level of 0.9258.
Investors will keenly eye new home sales and the private sector capital expenditure data in Australia, in addition to other macro releases from the US, to determine short term trading trends in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
