AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.29% against the USD to close at 1.0425.
In Chinese economic news, the M0 money supply rose 10.5% in October, compared to a 13.3% rise recorded in the previous month. Similarly, the M2 money supply rose 6.1% in October, following a 7.3% growth recorded in September, while M3 money supply rose 14.1% in October, compared to a 14.8% gain recorded in the previous month.
LME Copper prices rose 1.1% or $86.0/MT to $7626.3/MT. Aluminium prices rose 2.1% or $40.3/MT to $1929.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0404, with the AUD trading 0.20% lower from yesterday’s close, after Australia’s business confidence deteriorated in October, mainly due to a fall in investment, particularly in the mining sector and amid the global slowdown.
Data released today morning indicated that the NAB business confidence index for Australia has declined to a reading of -1.0 in October, from a flat reading reported in September. Similarly, the business conditions index declined to a reading of -5.0 in October, from -3.0 in September.
The pair is expected to find support at 1.0388, and a fall through could take it to the next support level of 1.0371. The pair is expected to find its first resistance at 1.0430, and a rise through could take it to the next resistance level of 1.0457.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
