AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.24% against the USD to close at 0.7264.
LME Copper prices declined 0.97% or $51.0/MT to $5189.0/MT. Aluminium prices declined 1.92% or $29.5/MT to $1506.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7264, with the AUD trading flat from yesterday’s close.
Overnight data showed that Australia’s CB leading indicator index eased 0.4% in August, following a 0.3% increase in July. On the other hand, the Westpac leading index rose 0.1% MoM in September, compared to a 0.3% decline in August.
The pair is expected to find support at 0.7241, and a fall through could take it to the next support level of 0.7217. The pair is expected to find its first resistance at 0.7294, and a rise through could take it to the next resistance level of 0.7323.
Going ahead, market participants will look forward to Australia’s NAB business confidence index data, scheduled to be released in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
