AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.78% against the USD to close at 1.0710.
Australian Prime Minister, Julia Gillard issued a warning to exporters that the high level of the currency was likely to continue in the long term.
In the Asian session, at GMT0400, the pair is trading at 1.0735, with the AUD trading 0.23% higher from yesterday’s close, after that Australia’s trade surplus grew to a stronger-than-expected A$1.7 billion, from A$1.3 billion recorded in November. Meanwhile, the total number of building approvals in Australia was down a seasonally adjusted 1.0% in December, standing at 11,443.
LME Copper prices declined 1.6%% or $133.0/MT to $8351.3/ MT. Aluminium prices declined 1.7% or $38.0/MT to $2219.3/ MT.
The pair is expected to find support at 1.0617, and a fall through could take it to the next support level of 1.0500. The pair is expected to find its first resistance at 1.0804, and a rise through could take it to the next resistance level of 1.0874.
Trading trends in the pair today are expected to be determined by AiG Performance of Services Index.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
