AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.803.
LME Copper prices declined 0.6% or $43.0/MT to $6737.0/MT. Aluminium prices rose 1.4% or $28.5/MT to $2100.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8013, with the AUD trading 0.21% lower against the USD from yesterday’s close.
Early morning data indicated that Australia’s NAB business conditions index edged up to a level of 15.0 in August, notching its highest level in nine years. The index had registered a revised level of 14.0 in the previous month. On the other hand, the nation’s NAB business confidence index sharply declined to a level of 5.0 in August, after recording a level of 12.0 in the prior month.
The pair is expected to find support at 0.7988, and a fall through could take it to the next support level of 0.7963. The pair is expected to find its first resistance at 0.8048, and a rise through could take it to the next resistance level of 0.8083.
Going ahead, Australia’s Westpac consumer confidence index for September, due to release overnight, will be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
