AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.05% against the USD to close at 1.0779.
In the Asian session, at GMT0400, the pair is trading at 1.0728, with the AUD trading 0.48% lower from yesterday’s close, after Reserve Bank of Australia (RBA) lowered its growth forecasts to 3.5% from 4% for the year ending June 2012, strengthening speculation of monetary easing.
Meanwhile, Chinese trade surplus climbed to $27.3 billion in January, compared to a $16.5 billion surplus in the previous month.
LME Copper prices declined 0.8% or $65.5/MT to $8520.3/ MT. Aluminium prices declined 0.2% or $4.0/MT to $2232.3/ MT.
The pair is expected to find support at 1.0690, and a fall through could take it to the next support level of 1.0652. The pair is expected to find its first resistance at 1.0795, and a rise through could take it to the next resistance level of 1.0863.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
