AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD rose slightly against the USD to close at 1.0258.
In the Asian session, at GMT0400, the pair is trading at 1.0198, with the AUD trading 0.58% lower from yesterday’s close, after the Reserve Bank of Australia (RBA) cut the key interest rate by 25 basis points to 4.25%. Moreover, Australia’s current account deficit narrowed to a seasonally adjusted A$5.64 million in the third quarter of 2011, from the second quarter,
LME Copper prices declined 0.6% or $46.5/MT to $7,843.5/ MT. Aluminium prices declined 1.6% or $34.8/MT to $2,105.3/ MT.
The pair is expected to find support at 1.0154, and a fall through could take it to the next support level of 1.0109. The pair is expected to find its first resistance at 1.0274, and a rise through could take it to the next resistance level of 1.0349.
The pair is expected to trade on the cues from the release of AiG Performance of Construction Index in Australia.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
