AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.71% against the USD to close at 0.7212.
LME Copper prices declined 0.07% or $3.5/MT to $5185.5/MT. Aluminium prices declined 1.03% or $15.5/MT to $1491.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7231, with the AUD trading 0.25% higher from yesterday’s close.
Early morning data showed that Australia’s NAB business confidence index dropped to a level of 0.0 in the third quarter of 2015, compared to a reading of 4.0 in the previous quarter.
On the other hand, in China, Australia’s largest trading partner, the MNI business sentiment index rose 8.4% to a level of 55.6, its highest jump since March 2011, from a level of 51.3 in August.
The pair is expected to find support at 0.7196, and a fall through could take it to the next support level of 0.7162. The pair is expected to find its first resistance at 0.7272, and a rise through could take it to the next resistance level of 0.7313.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
