AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.85% against the USD to close at 0.8695.
LME Copper prices declined 0.71% or $47.5/MT to $6688.0/MT. Aluminium prices declined 1.13% or $23.0/MT to $2018.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8684, with the AUD trading 0.13% lower from yesterday’s close.
Early morning data indicated that, the wage price index in Australia rose 0.6% on a quarterly basis in 3Q 2014, in line with market expectations and compared to a similar increase registered in the previous quarter. Meanwhile, the nation’s credit card purchases advanced to A$23.9 billion in September, following a reading of A$22.3 billion, recorded in August.
Overnight data indicated that, Australia’s Westpac consumer confidence index climbed to a level of 96.6 in November, after registering a reading of 94.8 in the prior month.
The pair is expected to find support at 0.8610, and a fall through could take it to the next support level of 0.8535. The pair is expected to find its first resistance at 0.8740, and a rise through could take it to the next resistance level of 0.8795.
Meanwhile, investors await Australia’s consumer inflation expectation data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
