AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.79% against the USD, on Friday, to close at 1.0706, as commodity prices rose.
In Australia, the new home sales rose 0.2% (M-o-M) in April from 4.3% in March. The gross operating profit declined by 2% (Q-o-Q) to $63.53 billion in the first quarter of 2011 following a 2.8% drop in the previous quarter.
In the Asian session at 3:00GMT, the pair is trading at 1.0700, 0.06% lower from the Friday’s close.
LME Copper prices rose 1.8% or $160.3/MT to $9,150.5/ MT. Aluminium prices rose 2.3% or $58.5/MT to $2,597.5/ MT.
The pair is expected to find first short term resistance at 1.0732, with the next resistance levels at 1.0765 and 1.0842, subsequently. The first support for the pair is seen at 1.0655, followed by next supports at 1.0611 and 1.0534 respectively.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
