AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.71% against the USD and closed at 0.7549.
LME Copper prices rose 0.32% or $15.5/MT to $4801.5/MT. Aluminium prices declined 0.3% or $5.0/MT to $1673.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7575, with the AUD trading 0.34% higher against the USD from yesterday’s close.
Overnight data indicated that, Australia’s Westpac consumer confidence index gained by 1.1% in October to a level of 102.4, rising for the third consecutive month, highlighting that consumers are getting more optimistic about the nation’s economic growth. In the previous month, the index had registered a level of 101.4.
The pair is expected to find support at 0.7540, and a fall through could take it to the next support level of 0.7505. The pair is expected to find its first resistance at 0.7599, and a rise through could take it to the next resistance level of 0.7623.
Moving ahead, market participants would closely monitor Australia’s consumer inflation expectation for October, slated to release overnight.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
