AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.18% against the USD to close at 0.9795.
LME Copper prices declined 0.4% or $27.5/MT to $ 7772.5/ MT. Aluminium prices declined 0.4% or $7.5/MT to $ 1996.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 0.9761, with the AUD trading 0.34% lower from yesterday’s close, after World Bank cut growth forecast for China, its biggest trading partner. This morning, the World Bank cut its economic growth forecast for China to 8.2% for 2012 from 8.4%.
Meanwhile, investors remain cautious ahead of European Union leaders meet today amid concern Greece would exit the Euro bloc. Data just released in Australia showed that the Conference Board leading index rose 0.2% (MoM) in March, while Westpac Leading Index rose 0.4% (MoM) in March
The pair is expected to find support at 0.9690, and a fall through could take it to the next support level of 0.9620. The pair is expected to find its first resistance at 0.9883, and a rise through could take it to the next resistance level of 1.0006.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
