AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.41% against the USD to close at 0.9082. The US Dollar gained traction, after the latest batch of upbeat economic releases from the US shifted speculations to an earlier-than-expected Fed tapering.
LME Copper prices declined 0.3% or $19.5/MT to $7051.5/MT. Aluminium prices fell 0.8% or $14.0/MT to $1721.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9128, with the AUD trading 0.51% higher from yesterday’s close, after the Australian Bureau of Statistics reported that private capital expenditure in the nation rose 3.6% in the third quarter, compared to a 1.6% rise registered in the preceding quarter. Separately, another report revealed that HIA new home sales declined 3.8% (MoM) in October, following a 6.4% rise in September.
The pair is expected to find support at 0.9081, and a fall through could take it to the next support level of 0.9033. The pair is expected to find its first resistance at 0.9159, and a rise through could take it to the next resistance level of 0.9189.
In the absence of any other economic releases from Australia ahead in the day, market participants would eye global economic news for further cue in the pair.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
