AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.10% against the USD to close at 0.7795.
LME Copper prices rose 2.63% or $126.5/MT to $4938.5/MT. Aluminium prices rose 2.08% or $32.5/MT to $1598.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7802, with the AUD trading 0.08% higher from yesterday’s close.
Early this morning, data showed that Australia’s NAB business confidence index fell to a level of 4.0 in 1Q 2016, from a reading of 5.0 in the previous quarter.
The pair is expected to find support at 0.7768, and a fall through could take it to the next support level of 0.7735. The pair is expected to find its first resistance at 0.7833, and a rise through could take it to the next resistance level of 0.7864.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
