Topic: COZfx: Aussie gain on this morning session

COZforex: For the past trading session, the AUD weakened 0.34% against the USD to close at 0.8622.

In commodities, LME Copper prices rise 0.22% or $15.0/MT to $6735.5/MT. Meanwhile, Aluminium prices dropped 1.73% or $36.0/MT to $2041.0/MT.

Earlier today, data indicated that Australia’s business conditions index advanced to 13.0 in October, compared to a level of 1.0 registered in the preceding month, while the nation’s business confidence index registered a drop to 4.0 in October, following a level of 5.0 recorded in September. On the other hand, Australia’s house price index rose 9.1% on an annual basis in 3Q 2014, higher than market expected increase of 8.8% and compared to an advance of 10.1% registered in the prior quarter.

In technical analysis, COZFX strategist Nigel Boynton said, AUD/USD is predicted to find support at 0.8604, and a drop through could take it to the next support line of 0.8568. Meanwhile, the pair is predicted to find its first resistance at 0.8680, and a rise through could take it to the next resistance line of 0.8720.

Meanwhile, markets look forward to Australia’s Westpac consumer confidence data, scheduled overnight.


(COZ forex UK)