AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 1.0372.
LME Copper prices rose 0.8% or $59.3/MT to $7819.0/MT. Aluminium prices declined 0.1% or $1.8/MT to $1882.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0372, with the AUD trading marginally lower from yesterday’s close.
Data released this morning indicated that the export price index in Australia declined 6.4% in the Q3 FY2012, while the import price index retreated 2.4% in the Q3 FY2012. Additionally, the Australian performance of manufacturing index (PMI) rose to 45.2 in October, from 44.1 in the previous month.
Elsewhere in China, manufacturing PMI rose to a reading of 50.2 in October, from 49.8 in September. Meanwhile, the HSBC PMI rose to 49.5 in October, from 47.9 in the previous month and compared to a previous estimate of 49.1.
The pair is expected to find support at 1.0350, and a fall through could take it to the next support level of 1.0328. The pair is expected to find its first resistance at 1.0397, and a rise through could take it to the next resistance level of 1.0421.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
