AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.11% against the USD to close at 1.0246, after the Reserve Bank of Australia cut interest rates by 25 basis points for a second straight month.
In the Asian session, at GMT0400, the pair is trading at 1.0266, with the AUD trading 0.19% higher from yesterday’s close, over positive Australian economic data.
In economic news this morning, the AiG Performance of Construction Index rose to 39.6 in November, compared to 34.7 in October. The Gross Domestic Product (GDP) rose to 1.0% in the September 2011 quarter, compared to an upwardly revised 1.4% in the June quarter.
LME Copper prices declined 1.0% or $77.8/MT to $7,765.8/ MT. Aluminium prices declined 0.1% or $2.0/MT to $2,103.3/ MT.
The pair is expected to find support at 1.0189, and a fall through could take it to the next support level of 1.0113. The pair is expected to find its first resistance at 1.0309, and a rise through could take it to the next resistance level of 1.0353.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
