AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.40% against the USD to close at 0.9067.
LME Copper prices rose 1.5% or $106.0/MT to $7081.0/MT. Aluminium prices advanced 1.5% or $26.0/MT to $1728.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9057, with the AUD trading 0.11% lower from yesterday’s close. Earlier today, the Australian Industry Group (AiG) reported that its index on the performance of the nation’s construction sector rose to a level of 55.2 in November from previous month’s reading of 54.4.
The pair is expected to find support at 0.9012, and a fall through could take it to the next support level of 0.8968. The pair is expected to find its first resistance at 0.9090, and a rise through could take it to the next resistance level of 0.9124.
Amid lack of economic releases during the later course of the day in Australia, traders are expected to keep a tab on global economic news for further guidance in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
