Coz Forex UK: For the 24 hours to 23:00 GMT, AUD strengthened 0.42% against the USD to close at 1.0214. In the Asian session, the pair is trading at 1.0246, with the AUD trading 0.31% higher from yesterday’s close.
LME Copper prices declined 2.0% or $165.3/MT to $8132.8/MT. Aluminium prices declined 2.0% or $41.0/MT to $2046.3/MT.

In Australia, the National Australia Bank’s (NAB) monthly business conditions index fall to a reading of -3 in September from 0 in the previous month, while the business confidence index rise to 0 in September from -3 points in the previous month.

The International Monetary Fund trimmed its 2013 forecast for Australia’s economy and warned of sluggish global growth for this year and next. However, the Fund indicated that unemployment is likely to rise slightly. In its latest World Economic Outlook, released this morning, the Fund stated that Australia’s economy would grow by 3.0% next year, a downgrade from its previous April forecast of 3.5%.

Technically, AUD/USD are predicted to find its first resistance at 1.0279, and a rose through could take it to the next resistance line of 1.0312. Also, the pair is predicted to find support at 1.0181, and a fell through could take it to the next support line of 1.0116.

The pair is trading with its 20 Hr and 50 Hr moving averages. (Cozfx)


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