AUD/USD: Business Confidence Improves In Australia

AUD/USD: Business Confidence Improves In Australia

For the 24 hours to 23:00 GMT, AUD weakened 0.58% against the USD to close at 1.0259.

LME Copper prices rose marginally or $1.3/MT to $8216.0/MT. Aluminium prices rose 0.5% or $9.8/MT to $2076.0/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0251, with the AUD trading marginally lower from yesterday’s close.

This morning, the National Australia Bank (NAB) reported that the business confidence index in Australia rose to a reading of 3.0 in January, compared to a revised reading of 2.0 recorded in the previous month.

The pair is expected to find support at 1.0225, and a fall through could take it to the next support level of 1.0200. The pair is expected to find its first resistance at 1.0291, and a rise through could take it to the next resistance level of 1.0332.