AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.11% against the USD and closed at 0.7112.
LME Copper prices declined/rose 0.7% or $42.5/MT to $5840.5/MT. Aluminium prices rose/declined 1.5% or $30.0/MT to $2000.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7114, with the AUD trading slightly higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s business conditions index jumped to a level of 15.0 in August, following a revised level of 13.0 in the previous month. On the contrary, the nation’s business confidence index dropped to a level of 4.0 in August, compared to a level of 7.0 in the prior month.
The pair is expected to find support at 0.7096, and a fall through could take it to the next support level of 0.7078. The pair is expected to find its first resistance at 0.7132, and a rise through could take it to the next resistance level of 0.7150.
Looking forward, investors will keep an eye on Australia’s Westpac consumer confidence index for September, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
