AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 1.0707.
In Australia, the current account deficit decreased to A$10.4 billion in the first quarter of 2011 from a deficit of A$8.1 billion in last quarter of 2010. The building permits decreased to -1.3% (M-o-M) in April from 9.1% in March. Meanwhile, the private sector credit was flat in April from March, but rose by 3.3% from a year earlier.
In the Asian session at 3:00GMT, the pair is trading at 1.0724, 0.16% higher from yesterday’s close at 23:00 GMT.
LME Copper prices rose 1.8% or $160.3/MT to $9,150.5/ MT. Aluminium prices rose 2.3% or $58.5/MT to $2,597.5/ MT.
The pair is expected to find first short term resistance at 1.0765, with the next resistance levels at 1.0805 and 1.0893, subsequently. The first support for the pair is seen at 1.0677, followed by next supports at 1.0629 and 1.0541 respectively.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
