For the 24 hours to 23:00 GMT, the AUD declined 0.32% against the USD and closed at 0.7193.
LME Copper prices declined 1.0% or $61.0/MT to $6112.0/MT. Aluminium prices declined 0.6% or $11.0/MT to $1951.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7205, with the AUD trading 0.17% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s house price index decreased 1.5% on a quarterly basis in 3Q 2018, less than market expectations and compared to a fall of 0.7% in the prior quarter.
Additionally, the NAB business confidence index declined to a level of 3.0 in November, signalling further slowdown in the growth momentum. In the previous month, the index had recorded a level of 4.0. Moreover, the nation’s NAB business conditions index dropped to a level of 11.0 in November, following a level of 12.0 in the preceding month.
The pair is expected to find support at 0.7181, and a fall through could take it to the next support level of 0.7157. The pair is expected to find its first resistance at 0.7228, and a rise through could take it to the next resistance level of 0.7251.
Looking forward, investor would closely monitor Australia’s Westpac consumer confidence index for December, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
