AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.26% against the USD to close at 0.9757.
Yesterday, Reserve Bank of Australia (RBA) slashed its key interest rate by 0.25% to 3.50%, in line with the market expectation.
In the Asian session, at GMT0300, the pair is trading at 0.9835, with the AUD trading 0.8% higher from yesterday’s close, after Australian economy grew more-than-expected in first quarter of 2012.
This morning, in Australia, gross domestic product (GDP) rose 1.3% (QoQ) in the first quarter of 2012, compared to a rise of 0.6% in the previous quarter.
The pair is expected to find support at 0.9746, and a fall through could take it to the next support level of 0.9657. The pair is expected to find its first resistance at 0.9888, and a rise through could take it to the next resistance level of 0.9941.
Trading trends in the pair today are expected to be determined by the release of AiG performance of construction index in Australia.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
