AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD marginally declined against the USD and closed at 0.6849.
LME Copper prices declined 1.6% or $94.5/MT to $5857.0/MT. Aluminium prices declined 1.2% or $22.5/MT to $1805.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.6844, with the AUD trading 0.07% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s NAB business confidence index climbed to a level of 2.0 in October, following a flat reading of in the prior month. Moreover, the nation’s NAB business conditions index unexpectedly rose to a level of 3.0 in October, defying market expectations for an unchanged reading. In the previous month, the index had recorded a reading of 2.0.
The pair is expected to find support at 0.6830, and a fall through could take it to the next support level of 0.6816. The pair is expected to find its first resistance at 0.6862, and a rise through could take it to the next resistance level of 0.6880.
Going forward, traders would await Australia’s Westpac consumer confidence index for November, slated to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
