AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.77% against the USD to close at 1.0302.
LME Copper prices declined 2.1% or $1520/MT to $7067.0/MT. Aluminium prices declined 0.3% or $5.5/MT to $1855.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0312, with the AUD trading 0.10% higher from yesterday’s close.
This morning, the National Australia Bank reported that its business confidence index in Australia rose to a reading of 2.0 in the Q12013, the first quarterly rise since December 2011 and compared to a reading of -5.0 recorded in the fourth quarter of 2012.
Meanwhile, in China new home prices rose 3.6% annually in March, compared to a 2.1% rise posted in the previous month. Additionally, the foreign direct investment (FDI) in China increased 5.7% (YoY) to $12.4 billion in March.
The pair is expected to find support at 1.0260, and a fall through could take it to the next support level of 1.0207. The pair is expected to find its first resistance at 1.0372, and a rise through could take it to the next resistance level of 1.0431.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
