AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.36% against the USD to close at 1.0419.
In the Asian session, at GMT0300, the pair is trading at 1.0410, with the AUD trading 0.08% lower from yesterday’s close, after house prices in Australia declined for a fifth consecutive quarter in the January-March period, while manufacturing activity contracted sharply in April.
In the morning economic news, in Australia, the AiG performance of manufacturing index fell to 43.9 in April, compared to 49.5 in March. Additionally, house price index fell 1.1% (QoQ) in first quarter of 2012, compared to 0.7% decline in previous quarter, greater than market expectations of 0.5% decline in first quarter of 2012.
LME Copper prices rose 1.0% or $86.0/MT to $8,529.3/ MT. Aluminium prices declined 0.5% or $10.5/MT to $2,057.5/ MT.
The pair is expected to find support at 1.0391, and a fall through could take it to the next support level of 1.0371. The pair is expected to find its first resistance at 1.0446, and a rise through could take it to the next resistance level of 1.0481.
The Reserve Bank of Australia’s (RBA) interest rate decision is likely to receive increased market attention today.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
