AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.82% against the USD to close at 0.9903.
In Australia, Westpac leading index declined to 3.5% in January, compared to 4.6% in the previous month. Additionally, housing starts fell by 5.3% in the Q42010 from a 13.2% decline in the previous quarter.
In the Asian session at 4:00GMT, the pair is trading at 0.9912, 0.09% higher from the New York session close.
LME Copper prices declined 2.5% or $227.8/MT to $8,977.5/ MT. Aluminium prices declined 1.0% or $26.0/ MT to $2,473.5/ MT.
The pair is expected to find first short term resistance at 0.9999, with the next resistance levels at 1.0087 and 1.0269, subsequently. The first support for the pair is seen at 0.9817, followed by next supports at 0.9723 and 0.9541 respectively.
With the economic releases such as consumer inflation expectation in Australia, due to be released later today, trading trends in the currency pair are expected to be influenced by these releases.
The currency pair is showing convergence with 20 Hr moving average and is trading below its 50 Hr moving average.
