AUDUSD Movement
On Friday, the AUD strengthened marginally against the USD to close at 1.0445, as riskier assets found demand in the market as investors speculated a potential resolution to the banking crisis in Cyprus. Market sentiment strengthened as political leaders in Cyprus prepared to pass legislation to restructure the country’s banking sector and impose capital controls.
LME Copper prices rose 0.5% or $38.0/MT to $7618.0/MT. Aluminium prices rose 0.2% or $4.0/MT to $1906.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0449, with the AUD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0426, and a fall through could take it to the next support level of 1.0403. The pair is expected to find its first resistance at 1.0468, and a rise through could take it to the next resistance level of 1.0487.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
