AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 1.18% against the USD to close at 1.0434, on strong Australian employment data.
In the Asian session, at GMT0300, the pair is trading at 1.0395, with the AUD trading 0.37% lower from yesterday’s close, after Chinese economy expanded at the weakest pace in nearly three years in the first quarter of 2012, with growth decelerating more than expected from the fourth quarter of 2011.
The Gross Domestic Product expanded 8.1% (YoY) in the first three months of 2012, slower than the fourth quarter’s 8.9% increase.
LME Copper prices rose 0.9% or $70.0/MT to $8,182.5/ MT. Aluminium prices rose 1.7% or $33.8/MT to $2,069.5/ MT.
The pair is expected to find support at 1.0346, and a fall through could take it to the next support level of 1.0297. The pair is expected to find its first resistance at 1.0448, and a rise through could take it to the next resistance level of 1.0502.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
