Fri, May 07, 2021 @ 12:31 GMT
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Australia’s AIG Performance Of Construction Index Dropped In November

For the 24 hours to 23:00 GMT, the AUD declined 0.25% against the USD and closed at 0.6831.

LME Copper prices rose 0.6% or $32.0/MT to $5855.0/MT. Aluminium prices declined 0.9% or $15.0/MT to $1756.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6840, with the AUD trading 0.13% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s AIG performance of construction index fell to a level of 40.0 in November, following a reading of 43.9 in the previous month.

The pair is expected to find support at 0.6825, and a fall through could take it to the next support level of 0.6809. The pair is expected to find its first resistance at 0.6852, and a rise through could take it to the next resistance level of 0.6863.

In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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