AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD traded flat against the USD to close at 1.0354.
In the US, the Federal Reserve Chairman, Ben Bernanke, stated that he is confident the US economy would continue to expand but added that the Fed’s stimulus efforts need to be backed up by action from the government.
LME Copper prices declined 0.9% or $75.8/MT to $8191.3/MT. Aluminium prices declined 1.2% or $25.5/MT to $2068.3/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0371, with the AUD trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.0334, and a fall through could take it to the next support level of 1.0298. The pair is expected to find its first resistance at 1.0406, and a rise through could take it to the next resistance level of 1.0440.
In the day ahead Reserve Bank of Australia (RBA) is expected to keep interest rate unchanged at 3.5%. Investors also await AiG performance of service index data in Australia due out in the day ahead.
The currency pair is trading just below its 20 Hr moving average and well below its 50 Hr moving average.
