AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 1.87% against the USD and closed at 0.7165.
LME Copper prices declined 0.59% or $27.0/MT to $4578.5/MT. Aluminium prices declined 0.69% or $10.5/MT to $1514.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7182, with the AUD trading 0.23% higher from yesterday’s close.
Early this morning, data indicated that Australia’s NAB business confidence climbed up to a level of 4.0 QoQ in Q4 2015, from a revised reading of 1.0 in the previous quarter.
The pair is expected to find support at 0.7061, and a fall through could take it to the next support level of 0.6941. The pair is expected to find its first resistance at 0.7247, and a rise through could take it to the next resistance level of 0.7313.
Going ahead, investors will keep a close watch on Australia’s AiG performance of construction index data, scheduled to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
