AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.51% against the USD to close at 1.0241, following weak Australian retail sales data and after China’s manufacturing sector slumped to a nine-month low in August.
LME Copper prices rose 1.0% or $73.0/MT to $7649.3/MT. Aluminium prices rose 1.7% or $30.8/MT to $1879.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.024, with the AUD trading flat from yesterday’s close.
This morning, current account deficit in Australia stood at a seasonally adjusted A$11.8 billion in the Q2 FY2012, from a revised A$13.0 billion deficit recorded in the preceding quarter.
The pair is expected to find support at 1.0217, and a fall through could take it to the next support level of 1.0195. The pair is expected to find its first resistance at 1.0269, and a rise through could take it to the next resistance level of 1.0299.
Trading trend in the pair today is expected to be determined by the release of Reserve Bank of Australia’s interest rate decision.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
