AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.55% against the USD to close at 1.0628. Poor US economic data released overnight assisted the Australian dollar to move higher.
In Australia, the Westpac consumer confidence fell 1.3% in May from 1.2% increase in the previous month. Additionally, the wage price index declined to 0.8% in first quarter of 2011 from 0.9% in last quarter of 2010.
LME Copper prices rose 1.7% or $152.0/MT to $8,861.5/ MT. Aluminium prices declined 2.0% or $52.0/MT to $2,524.5/ MT.
In the Asian session at 3:00GMT, the pair is trading at 1.0644, 0.15% higher from the New York session close.
The pair is expected to find first short term resistance at 1.0697, with the next resistance levels at 1.0749 and 1.0900, subsequently. The first support for the pair is seen at 1.0546, followed by next supports at 1.0447 and 1.0296 respectively.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
