AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0% against the USD and closed at 0.7487.
LME Copper prices declined 2.65% or $157.5/MT to $5778.0/MT. Aluminium prices declined 2.52% or $44.5/MT to $1722.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7470, with the AUD trading 0.23% lower against the USD from yesterday’s close.
Overnight data revealed that Australia’s seasonally adjusted building approvals unexpectedly plunged by 12.6% on a monthly basis in October, against market expectations for an advance of 2.0% and after recording a drop of 9.3% in the prior month.
The pair is expected to find support at 0.7433, and a fall through could take it to the next support level of 0.7396. The pair is expected to find its first resistance at 0.7502, and a rise through could take it to the next resistance level of 0.7534.
Going ahead, Australia’s AiG performance of manufacturing index for November, slated to release overnight, would keep investors on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
