AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.09% against the USD to close at 1.0096, following wider-than-expected trade deficit in Australia in March.
Meanwhile, Australian federal government’s in its fiscal budget for 2012-13 announced that nation’s economy would return to A$1.5 billion surplus in 2012-13 by reducing expenditure on defence and spending on foreign aid.
Additionally, the AUD fell after Prime Minister, Julia Gillard stated that the budget surplus her government has promised to deliver next year would provide scope for the central bank to cut interest rates.
In the Asian session, at GMT0300, the pair is trading at 1.0068, with the AUD trading 0.27% lower from yesterday’s close, as increasing concern that Greek leaders would not be able to form a coalition government, reduced appetite for riskier assets.
LME Copper prices declined 0.6% or $62.3/MT to $ 8233.5/ MT. Aluminium prices rose/declined 1.1% or $22.0/MT to $ 2025.8/ MT.
The pair is expected to find support at 1.0020, and a fall through could take it to the next support level of 0.9972. The pair is expected to find its first resistance at 1.0157, and a rise through could take it to the next resistance level of 1.0245.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
