AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.10% against the USD to close at 1.0552.
In the Asian session, at GMT0400, the pair is trading at 1.0542, with the AUD trading 0.09% lower from yesterday’s close, amid less-than-expected rise in Gross Domestic Product.
This morning, Australian Bureau of Statistics, reported Australian Gross Domestic Product (GDP) grew 0.4% (QoQ) in the three months to December 2011, slower than the forecast for a 0.8% expansion.
Separately, AIG Performance of Construction Index declined to 35.6 in February, compared to 39.8 in January, indicating a slowdown in construction activity.
LME Copper prices declined 2.0% or $166.5/MT to $ 8335.3/ MT. Aluminium prices declined 2.3% or $51.0/MT to $ 2202.3/ MT.
The pair is expected to find support at 1.0482, and a fall through could take it to the next support level of 1.0422. The pair is expected to find its first resistance at 1.0630, and a rise through could take it to the next resistance level of 1.0718.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
