AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.39% against the USD to close at 1.0333.
LME Copper prices declined 1.1% or $89.0/MT to $8120.5/MT. Aluminium prices rose 0.3% or $5.0/MT to $1976.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0314, with the AUD trading 0.18% lower from Friday’s close.
This morning, the government of Australia in its Mid-Year Economic and Fiscal Outlook (MYEFO), lowered the nation’s economic growth forecast to 3.0% in the year to 30 June 2013 compared to a 3.25% growth estimated earlier. Additionally, it trimmed its budget surplus outlook to A$1.1 billion for FY2013 compared to an A$1.5 billion surplus estimated previously.
The pair is expected to find support at 1.0288, and a fall through could take it to the next support level of 1.0262. The pair is expected to find its first resistance at 1.0355, and a rise through could take it to the next resistance level of 1.0395.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
