AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.44% against the USD to close at 1.0323, amid reports showing that Chinese manufacturing activity continued to be in contraction zone.
In China, the Markit/HSBC manufacturing purchasing managers’ index (PMI) rose to 49.1 in April, compared to 48.3 in March.
In the Asian session, at GMT0300, the pair is trading at 1.0263, with the AUD trading 0.58% lower from yesterday’s close. This morning the consumer price index (CPI) in Australia rose 0.1% (QoQ) in first quarter of 2011, compared to a flat reading in previous quarter. Market had expected 0.6% rise in first quarter of 2011.
LME Copper prices traded flat at $8,122.5/ MT. Aluminium prices declined 1.1% or $23.0/MT to $2,011.3/ MT.
The pair is expected to find support at 1.0230, and a fall through could take it to the next support level of 1.0197. The pair is expected to find its first resistance at 1.0323, and a rise through could take it to the next resistance level of 1.0383.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
