AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.19% against the USD to close at 1.0148, following a report that showed that Australia’s unemployment rate eased unexpectedly in October.
This morning, Australian Treasurer, Wayne Swan stated that the country has scope to cut interest rates and boost spending as Europe’s intensifying sovereign debt crisis threatens global growth. Additionally, he stated that the leaders of the Asia-Pacific economies must unite their voice to urge Europe to resolve its debt crisis quickly.
In the Asian session, at GMT0400, the pair is trading at 1.0160, with the AUD trading 0.12% higher from yesterday’s close.
LME Copper prices declined 2.8% or $216.3/MT to $7,455.5/ MT. Aluminium prices rose 0.2% or $3.3/MT to $2,111.8/ MT.
The pair is expected to find support at 1.0072, and a fall through could take it to the next support level of 0.9983. The pair is expected to find its first resistance at 1.0229, and a rise through could take it to the next resistance level of 1.0297.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
