AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.17% against the USD to close at 1.0559.
In the US, the current account deficit widened to $119.3 billion in the first quarter of 2011, following a revised current account deficit of $112.2 billion recorded in the fourth quarter of 2010. The initial jobless claims fell to 414,000 for the week ended 11 June 2011, compared to the previous week’s revised figure of 430,000. Additionally, for the week ended 4 June 2011, continuing claims fell to 3.675 million, compared to the preceding week’s revised level of 3.696 million.
Meanwhile, the Federal Reserve Bank of Philadelphia reported that its index of current activity fell to a reading of -7.7 in June, following a reading of 3.9 posted in May.
In the Asian session at 3:00GMT, the pair is trading at 1.0543, 0.15% lower from yesterday’s close at 23:00 GMT.
LME Copper prices declined 1.5% or $135.5/MT to $9,011.3/ MT. Aluminium prices declined 2.4% or $63.0/MT to $2,515.3/ MT.
The pair is expected to find first short term resistance at 1.0595, with the next resistance levels at 1.0648 and 1.0759, subsequently. The first support for the pair is seen at 1.0484, followed by next supports at 1.0426 and 1.0315 respectively.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
