AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.34% against the USD to close at 0.8622.
LME Copper prices rose 0.22% or $15.0/MT to $6735.5/MT. Aluminium prices declined 1.73% or $36.0/MT to $2041.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8639, with the AUD trading 0.2% higher from yesterday’s close.
Earlier today, data indicated that Australia’s business conditions index advanced to 13.0 in October, compared to a level of 1.0 registered in the preceding month, while the nation’s business confidence index registered a drop to 4.0 in October, following a level of 5.0 recorded in September. On the other hand, Australia’s house price index rose 9.1% on an annual basis in 3Q 2014, higher than market expected increase of 8.8% and compared to an advance of 10.1% registered in the prior quarter.
The pair is expected to find support at 0.8604, and a fall through could take it to the next support level of 0.8568. The pair is expected to find its first resistance at 0.8680, and a rise through could take it to the next resistance level of 0.8720.
Meanwhile, markets look forward to Australia’s Westpac consumer confidence data, scheduled overnight.
The currency pair is trading/showing convergence with its 20 Hr and 50 Hr moving average.
