AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD traded a tad higher against the USD to close at 0.8301.
LME Copper prices declined 1.08% or $70.5/MT to $6465.5/MT. Aluminium prices declined 2.10% or $42.0/MT to $1960.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8234, with the AUD trading 0.81% lower from yesterday’s close.
Early morning data indicated that, Australia’s business confidence index eased to a level of 1.0 in November, compared to a revised reading of 5.0 recorded in the preceding month, while business conditions index fell to 5.0 in November, following a level of 13.0 registered in October.
Furthermore, the National Australia Bank forecasted that the RBA would further slash its key interest rate and the Aussie would further slide down, citing persistent fall in commodity prices along with the negative economic impact of slumping mining investment in the country.
The pair is expected to find support at 0.8199, and a fall through could take it to the next support level of 0.8165. The pair is expected to find its first resistance at 0.8293, and a rise through could take it to the next resistance level of 0.8352.
Looking ahead, investors await Australia’s Westpac consumer confidence index data, scheduled overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
