AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.43% against the USD to close at 1.0428.
LME Copper prices rose 1.7% or $130.3MT to $7849.8/MT. Aluminium prices rose 2.7% or $53.3/MT to $2045.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0431, with the AUD trading marginally higher from yesterday’s close.
Data released this morning indicated that private sector credit in Australia rose 0.1% (MoM) in October, compared to a 0.3% rise in the previous month.
Meanwhile, the MNI business sentiment index in China rose to a reading of 53.8 in November, compared to a reading of 51.9 recorded in October.
The pair is expected to find support at 1.0404, and a fall through could take it to the next support level of 1.0377. The pair is expected to find its first resistance at 1.0469, and a rise through could take it to the next resistance level of 1.0507.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
