This morning, in economic news, the National Australia Bank’s Business Confidence Index declined to -4.0 in the third quarter of 2011 from a reading of 5.0 in the preceding quarter. The Reserve Bank of Australia foreign exchange transaction stood at A$641 million in September, compared to A$367 million in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0186, with the AUD trading 0.49% lower from yesterday’s close.
LME Copper prices rose 0.5% or $34.3/MT to $7,305.3/ MT. Aluminium prices rose 0.6% or $13.8/MT to $2,171.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0186, with the AUD trading 0.49% lower from yesterday’s close.
The pair is expected to find support at 1.0125, and a fall through could take it to the next support level of 1.0065. The pair is expected to find its first resistance at 1.0300, and a rise through could take it to the next resistance level of 1.0415.
Please see the attached chart below.
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