AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.42% against the USD to close at 1.0403, as risk appetite improved after International Monetary Fund (IMF) raised its global economy growth forecast.
The IMF raised the growth outlook for 2012 to 3.5% from the 3.3% predicted in a January, spurring demand for high-yielding assets.
In the Asian session, at GMT0300, the pair is trading at 1.0395, with the AUD trading 0.09% lower from yesterday’s close.
LME Copper prices rose 0.6% or $46.5 /MT to $8,100.3 / MT. Aluminium prices rose 0.7% or $13.8 /MT to $2,040.3 / MT.
The pair is expected to find support at 1.0327, and a fall through could take it to the next support level of 1.0259. The pair is expected to find its first resistance at 1.0441, and a rise through could take it to the next resistance level of 1.0487.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
