AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, AUD strengthened marginally against the USD to close at 1.0576, after Reserve Bank of Australia (RBA), in its monetary policy statement, raised Australian gross domestic product forecast for 2012. However gains were limited amid weak trade balance data from China, Australia’s biggest trading partner.
LME Copper prices declined 1.7% or $31.3/MT to $1834.5/ MT. Aluminium prices declined 0.9% or $65.0/MT to $7430.3/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0563, with the AUD trading 0.12% lower from Friday’s close.
The pair is expected to find support at 1.0514, and a fall through could take it to the next support level of 1.0465. The pair is expected to find its first resistance at 1.0595, and a rise through could take it to the next resistance level of 1.0627.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
