AUDUSD Movement
On Friday, the AUD strengthened 0.55% against the USD to close at 0.9247.
LME Copper prices declined 0.5% or $31.0/MT to $6777.0/MT. Aluminium prices ended marginally lower or $0.5/MT to $1748.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9214, with the AUD trading 0.36% lower from Friday’s close.
This morning, the Australian Prime Minister, Julia Gillard stated that an extension of recent declines in the nation’s currency would help rebalance growth and warned against undermining confidence in the economy.
The pair is expected to find support at 0.9174, and a fall through could take it to the next support level of 0.9135. The pair is expected to find its first resistance at 0.9257, and a rise through could take it to the next resistance level of 0.9301.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
