AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined slightly against the USD and closed at 0.7676 on Friday.
Macroeconomic data indicated that, Australia’s AIG performance of construction index deteriorated to a level of 45.9 in October, entering into contraction territory at the fastest pace in twenty-months. The index recorded a reading of 51.4 in the prior month.
LME Copper prices rose 0.51% or $25.0/MT to $4943.0/MT. Aluminium prices declined 0.43% or $7.5/MT to $1718.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7676, with the AUD trading flat from Friday’s close.
The pair is expected to find support at 0.7653, and a fall through could take it to the next support level of 0.7631. The pair is expected to find its first resistance at 0.7694, and a rise through could take it to the next resistance level of 0.7713.
Looking forward, investors would closely monitor Australia’s NAB business confidence index for October, due to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
