AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.20% against the USD to close at 1.0454.
In the US, initial jobless claims dropped to 382,000 in the week ended 2 April 2011, compared to the previous week’s revised figure of 392,000. Meanwhile, continuing claims fell to 3.723 million in the week ended 26 March 2011, compared to the preceding week’s revised level of 3.732 million.
LME Copper prices climbed 2.3% or $221.3/MT to $9696.5/ MT. Aluminium prices rose 1.3% or $34.0/ MT to $2659.8/ MT.
In the Asian session at 3:00GMT, the pair is trading at 1.0483, 0.28% higher from the New York session close.
The pair is expected to find first short term resistance at 1.0525, with the next resistance levels at 1.0566 and 1.0666, subsequently. The first support for the pair is seen at 1.0425, followed by next supports at 1.0366 and 1.0266 respectively.
The Australian economic calendar being almost empty today, AUD is expected to ride on other market cues.
The currency pair is showing convergence with 20 Hr moving average and is trading well above its 50 Hr moving average.
