AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.28% against the USD to close at 1.0357.
Yesterday, the US Federal Reserve’s monetary policy body, the Federal Open Market Committee, left interest rates unchanged and made no mention of a need for quantitative easing, which are bond buybacks from banks designed to juice the economy.
However, at the press conference afterwards, Fed Chairman, Ben Bernanke made it clear that stimulus measures remain ready to go if the US economy takes a turn for the worse.
In the Asian session, at GMT0300, the pair is trading at 1.0366, with the AUD trading 0.09% higher from yesterday’s close.
This morning, the Conference Board leading index in Australia stood flat, month on month, in February, compared to 1.1% rise in the previous month.
LME Copper prices rose 1.1% or $91.5 /MT to $8,285.3 / MT. Aluminium prices rose 0.5% or $10.3 /MT to $2,039.8 / MT.
The pair is expected to find support at 1.0323, and a fall through could take it to the next support level of 1.0280. The pair is expected to find its first resistance at 1.0392, and a rise through could take it to the next resistance level of 1.0418.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
