AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.16% against the USD and closed at 0.7529.
LME Copper prices rose 0.1% or $9.0/MT to $6547.5/MT. Aluminium prices declined 0.03% or $0.5/MT to $1991.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7531, with the AUD trading a tad higher against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index eased to a level of 6.0 in November, from a revised reading of 9.0 registered in the prior month. Additionally, the nation’s NAB business conditions index fell to a level of 12.0 in November. In the previous month, the index had registered a level of 21.0.
The pair is expected to find support at 0.7517, and a fall through could take it to the next support level of 0.7503. The pair is expected to find its first resistance at 0.7545, and a rise through could take it to the next resistance level of 0.7559.
Going ahead, traders would keep a close watch on a speech by the Reserve Bank of Australia’s Governor, Philip Lowe along with Australia’s Westpac consumer confidence index for December, both due overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
