AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 0.9543.
LME Copper prices declined 0.4% or $27.5/MT to $7158.5/MT. Aluminium prices fell 1.0% or $18.0/MT to $1787.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9541, with the AUD trading tad lower from yesterday’s close. Earlier today, a report showed that, on a quarterly basis, the National Australia Bank’s (NAB) business confidence rose to a reading of 3.0 in the third quarter, following a reading of -1.0 registered in the previous quarter. Additionally, the Reserve Bank of Australia (RBA) reported that foreign exchange transaction in Australia rose to A$663.0 million in September, compared to a level of A$482.0 million in the preceding month.
The pair is expected to find support at 0.9512, and a fall through could take it to the next support level of 0.9482. The pair is expected to find its first resistance at 0.9571, and a rise through could take it to the next resistance level of 0.9600.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
