AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.06% against the USD to close at 1.0277.
In China, the People’s Bank of China surprisingly cut its main lending rate to 6.00% and reduced its deposit rate to 3.00%, stating that the move would boost growth in the second half of 2012.
LME Copper prices rose 0.9% or $65.8/MT to $7761.0/ MT. Aluminium prices declined 0.8% or $15.5/MT to $1914.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0258, with the AUD trading 0.18% lower from yesterday’s close.
This morning in Australia, AiG performance of construction index rose slightly to 34.8 in June, compared to a reading of 34.7 in May.
The pair is expected to find support at 1.0224, and a fall through could take it to the next support level of 1.0191. The pair is expected to find its first resistance at 1.0310, and a rise through could take it to the next resistance level of 1.0363.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
