AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.28% against the USD and closed at 0.7074.
LME Copper prices declined 0.2% or $13.5/MT to $6169.0/MT. Aluminium prices declined 3.1% or $66.5/MT to $2073.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7086, with the AUD trading 0.17% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s NAB business confidence index climbed to a level of 6.0 in September, compared to a level of 4.0 in the prior month. Meanwhile, the nation’s business conditions index remained unchanged at 15.0 in September.
The pair is expected to find support at 0.7054, and a fall through could take it to the next support level of 0.7023. The pair is expected to find its first resistance at 0.7104, and a rise through could take it to the next resistance level of 0.7123.
Looking forward, investors would keep an eye on Australia’s Westpac consumer confidence index for October, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
