AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.26% against the USD and closed at 0.7754.
LME Copper prices declined 0.5% or $32.0/MT to $6607.0/MT. Aluminium prices rose 0.6% or $13.5/MT to $2135.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7779, with the AUD trading 0.32% higher against the USD from yesterday’s close.
Earlier in the session, data indicated that Australia’s NAB business confidence index advanced to a level of 7.0 in September, compared to a reading of 5.0 in the previous month. Moreover, the nation’s NAB business conditions index remained unchanged at a level of 14.0 in September.
The pair is expected to find support at 0.7755, and a fall through could take it to the next support level of 0.7730. The pair is expected to find its first resistance at 0.7797, and a rise through could take it to the next resistance level of 0.7814.
Going ahead, traders will keep a close watch on Australia’s Westpac consumer confidence index for October, due to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
