AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.49% against the USD and closed at 0.7401.
LME Copper prices rose 1.49% or $82.5/MT to $5618.0/MT. Aluminium prices rose 0.75% or $13.0/MT to $1739.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7416, with the AUD trading 0.2% higher against the USD from yesterday’s close.
Overnight data showed that, Australia’s seasonally adjusted construction work done slid 4.9% on a QoQ basis in 3Q 2016, more than market expectations for a drop of 1.6% and following a revised decline of 3.1% in the previous quarter.
Elsewhere, in China, Australia’s largest trading partner, the MNI business sentiment index rose to a level of 53.1 in November, compared to a level of 52.2 in the previous month.
The pair is expected to find support at 0.7376, and a fall through could take it to the next support level of 0.7336. The pair is expected to find its first resistance at 0.7443, and a rise through could take it to the next resistance level of 0.7470.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
