AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.80% against the USD to close at 1.0684.
The Australian dollar was boosted after release of Chinese economic data, raising prospects for growth in exports from the South Pacific nations.
In Australia, this morning, the Westpac consumer confidence, on monthly basis, declined by 2.6% in June following a 1.3% decline in the previous month. Additionally, the housing starts, on quarterly basis, rose by 3.1% in the first quarter of 2011, following a 5.3% decline in the previous quarter.
The Australian dollar continued its winning run against the greenback, after Reserve Bank of Australia Governor, Glenn Stevens stated that policy makers would need to raise interest rates at some stage. In the Asian session at 3:00GMT, the pair is trading at 1.0703, 0.18% higher from yesterday’s close at 23:00 GMT.
LME Copper prices rose 1.3% or $114.8/MT to $9,009.5/ MT. Aluminium prices rose 0.6% or $15.5/MT to $2,575.3/ MT.
The pair is expected to find first short term resistance at 1.0744, with the next resistance levels at 1.0785 and 1.0892, subsequently. The first support for the pair is seen at 1.0637, followed by next supports at 1.0571 and 1.0464 respectively.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
