AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.45% against the USD and closed at 0.7106.
LME Copper prices declined 2.0% or $42.0/MT to $6219.0/MT. Aluminium prices rose 0.8% or $50.0/MT to $2031.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7117, with the AUD trading 0.15% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s Westpac consumer confidence index rose 1.0% on monthly basis to a level of 101.5 in October, compared to a level of 100.5 in the previous month.
The pair is expected to find support at 0.7072, and a fall through could take it to the next support level of 0.7026. The pair is expected to find its first resistance at 0.7145, and a rise through could take it to the next resistance level of 0.7172.
Going ahead, traders would closely monitor Australia’s consumer inflation expectations for October, scheduled to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
