AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.14% against the USD to close at 0.7343.
LME Copper prices rose 2.48% or $112.0/MT to $4637.0/MT. Aluminium prices rose 2.77% or $40.5/MT to $1503.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7331, with the AUD trading 0.17% lower from Friday’s close.
Over the weekend, data showed that Australia’s AIG performance of construction index declined to a level of 50.7 in November, from a reading of 52.1 in the previous month.
The pair is expected to find support at 0.7278, and a fall through could take it to the next support level of 0.7225. The pair is expected to find its first resistance at 0.7385, and a rise through could take it to the next resistance level of 0.7440.
Moving ahead, market participants will look forward to Australia’s Westpac consumer confidence index data for December, scheduled overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
