AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 2.34% against the USD to close at 0.9983.
This morning, in Australia, the National Australia Bank (NAB) reported that its business confidence index climbed to -2.0 in September, from -9.0 in August. Also the current business conditions edged up to 5.0 in September, from -3.0 in August.
Meanwhile, the Reserve Bank of Australia reported that official reserve assets increased to A$44.86 billion in September, from A$43.75 billion in August.
In the Asian session, at GMT0300, the pair is trading at 0.9956, with the AUD trading 0.27% lower from the New York close.
LME Copper prices rose 0.9% or $64.0/MT to $7313.5/ MT. Aluminium prices rose 0.4% or $9.3/MT to $2185.5/ MT.
The pair is expected to find support at 0.9838, and a fall through could take it to the next support level of 0.9719. The pair is expected to find its first resistance at 1.0045, and a rise through could take it to the next resistance level of 1.0133.
Trading trends in the pair today are expected to be determined by Westpac consumer confidence in Australia.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
