AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.42% against the USD to close at 1.0214.
LME Copper prices declined 2.0% or $165.3/MT to $8132.8/MT. Aluminium prices declined 2.0% or $41.0/MT to $2046.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0246, with the AUD trading 0.31% higher from yesterday’s close.
In Australia today morning, the National Australia Bank’s (NAB) monthly business conditions index fell to a reading of -3 in September from 0 in the previous month, while the business confidence index rose to 0 in September from -3 points in the previous month.
The International Monetary Fund trimmed its 2013 forecast for Australia’s economy and warned of sluggish global growth for this year and next. However, the Fund indicated that unemployment is likely to rise slightly. In its latest World Economic Outlook, released this morning, the Fund stated that Australia’s economy would grow by 3.0% next year, a downgrade from its previous April forecast of 3.5%.
The pair is expected to find support at 1.0181, and a fall through could take it to the next support level of 1.0116. The pair is expected to find its first resistance at 1.0279, and a rise through could take it to the next resistance level of 1.0312.
The currency pair is trading with its 20 Hr and 50 Hr moving averages.
