AUDUSD Movement
On Friday, the AUD strengthened 0.24% against the USD to close at 1.0405.
LME Copper prices rose 0.3% or $20.0/MT to $7782.0/MT. Aluminium prices rose 0.3% or $6.0/MT to $1944.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0362, with the AUD trading 0.41% lower from Friday’s close, as investor evaded risk following Cyprus’s bailout deal over the weekend.
Moreover, this morning, the Australian Treasurer, Wayne Swan stated that the nation is facing a “massive hit” to government revenue, as weaker commodity prices and a high domestic currency take their toll, pushing the nation further into deficit ahead of an election in September.
The pair is expected to find support at 1.0333, and a fall through could take it to the next support level of 1.0303. The pair is expected to find its first resistance at 1.0403, and a rise through could take it to the next resistance level of 1.0443.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
