AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.66% against the USD to close at 1.0268, after data indicated that the leading economic index in Australia declined for August. Additionally, traders turned cautious after Moody’s downgraded its credit rating on five Spanish regions.
LME Copper prices declined 1.5% or $122.8/MT to $ 7860.5/MT. Aluminium prices declined 1.0% or $19.0/MT to $1913.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0315, with the AUD trading 0.46% higher from yesterday’s close, after data showed the nation’s consumer prices were stronger than predicted in the third quarter and the China manufacturing PMI rose to a three-month high in October.
The consumer prices in Australia rose 2.0% (YoY) in the Q3 FY2012, against the forecasts for a 1.6% annual increase and following a 1.2% gain in the Q2 FY2012. Additionally, China’s HSBC manufacturing PMI rose to 49.1 in October, from 47.9 in September.
The pair is expected to find support at 1.0259, and a fall through could take it to the next support level of 1.0204. The pair is expected to find its first resistance at 1.0348, and a rise through could take it to the next resistance level of 1.0380.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
