AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.88% against the USD to close at 0.9348.
Yesterday, the IMF opined that due to subdued investment in Australia’s mining sector, economic growth in the nation is expected to remain below 3.25% both this year and next. The agency now expected the Australian economy to grow 2.6% in 2014 and 2.7% in 2015.
LME Copper prices rose 0.6% or $41.5/MT to $6652.0/MT. Aluminium prices declined 0.5% or $8.5/MT to $1785.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9373, with the AUD trading 0.27% higher from yesterday’s close. The Australian Dollar climbed after data indicated that the total number of home loans issued in Australia rose to a seasonally adjusted 2.3% (MoM) in February. Additionally, the Westpac consumer confidence index rose by 0.3% to a reading of 99.7 in April, from previous month’s level of 99.5.
The pair is expected to find support at 0.9301, and a fall through could take it to the next support level of 0.9228. The pair is expected to find its first resistance at 0.9417, and a rise through could take it to the next resistance level of 0.946.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
