AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.04% against the USD to close at 1.0172.
In Australia, seasonally adjusted estimate for retail sales grew by 0.4% (M-o-M) in January 2011, reaching an amount of A$ 20.44 billion in adjusted terms, following rise of 0.2% in December 2010. Current account balance fell to A$ -7.3 billion in this quarter from A$ -7.83 billion in the preceding quarter. Additionally, AiG Performance of Manufacturing Index rose by 4.4 points to 51.1 in February 2011, after having remained below the 50 point level separating expansion from contraction for the last 5 months.
Meanwhile, The Reserve Bank of Australia kept its key cash rate on hold at 4.75%, as widely expected.
LME Copper prices rose 1.6% or $157.5/MT to $9,857.3/ MT. Aluminium prices rose 0.1% or $2.3/ MT to $2,531.3/ MT.
In the Asian session at 4:00GMT, the pair is trading at 1.0170, 0.02% lower from the New York session close.
The pair is expected to find first short term resistance at 1.0202, with the next resistance levels at 1.0234 and 1.0309, subsequently. The first support for the pair is seen at 1.0127, followed by next supports at 1.0084 and 1.0009 respectively.
The currency pair is showing convergence with its 20 Hr moving average and 50 Hr moving average.
