AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD rose marginally against the USD to close at 0.9897. However, the Aussie continued to remain below parity, after the Australian Treasurer, Wayne Swan stated earlier this week that the nation would grow 2.75% over the next year, less than earlier forecast for 3.0%, as the recent strength in the domestic currency is hampering economic growth.
LME Copper prices declined 1.4% or $100.0/MT to $7095.5/MT. Aluminium prices declined 1.4% or $25.0/MT to $1800.5MT.
In the Asian session, at GMT0300, the pair is trading at 0.9878, with the AUD trading 0.19% lower from yesterday’s close.
This morning, data indicated that foreign exchange transactions in Australia increased to A$382 million in April, from A$328 million recorded earlier.
The pair is expected to find support at 0.9846, and a fall through could take it to the next support level of 0.9815. The pair is expected to find its first resistance at 0.9915, and a rise through could take it to the next resistance level of 0.9953.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
