AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 2.34% against the USD to close at 1.0267.
In the Asian session, at GMT0400, the pair is trading at 1.0222, with the AUD trading 0.44% lower from yesterday’s close, after Australian home-building approvals unexpectedly plunged in October and retail sales growth slowed, increasing speculation that Australia’s Central Bank would ease monetary policy.
LME Copper prices declined 0.6% or $42.5/MT to $7,405.5/ MT. Aluminium prices declined 0.7% or $14.0/MT to $1,977.0/ MT.
The pair is expected to find support at 0.9999, and a fall through could take it to the next support level of 0.9777. The pair is expected to find its first resistance at 1.0387, and a rise through could take it to the next resistance level of 1.0553.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
