AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.17% against the USD to close at 1.0236, on concern that the European leaders won’t reach a resolution to the region’s debt crisis at an October 23 summit.
This morning, in economic news, the National Australia Bank’s Business Confidence Index declined to -4.0 in the third quarter of 2011 from a reading of 5.0 in the preceding quarter. The Reserve Bank of Australia foreign exchange transaction stood at A$641 million in September, compared to A$367 million in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0186, with the AUD trading 0.49% lower from yesterday’s close.
LME Copper prices rose 0.5% or $34.3/MT to $7,305.3/ MT. Aluminium prices rose 0.6% or $13.8/MT to $2,171.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0186, with the AUD trading 0.49% lower from yesterday’s close.
The pair is expected to find support at 1.0125, and a fall through could take it to the next support level of 1.0065. The pair is expected to find its first resistance at 1.0300, and a rise through could take it to the next resistance level of 1.0415.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
