AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 1.0203.
Late yesterday, the Australian Industry Group (AiG) reported that its performance of services index jumped to a reading of 48.5 in February, from an upwardly revised reading of 45.4 recorded in the previous month.
LME Copper prices rose 1.7% or $130.5/MT to $7751.0/MT. Aluminium prices rose 0.7% or $12.5/MT to $1927.0/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0241, with the AUD trading 0.37% higher from yesterday’s close, as the Reserve Bank of Australia (RBA) decided to retain the cash rate unchanged at 3.0%, in line with market expectations.
In economic news, current account deficit in Australia narrowed to A$14.7 billion in the Q42012, from an upwardly revised deficit of A$15.0 billion recorded in the Q32012. Separately, retail sales rose 0.9% in January, more than the market expected rise of 0.4% and following a decline of 0.4% reported in December.
The pair is expected to find support at 1.0156, and a fall through could take it to the next support level of 1.007. The pair is expected to find its first resistance at 1.0286, and a rise through could take it to the next resistance level of 1.0330.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
