AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.18% against the USD to close at 1.0705.
In the US, the non-farm business productivity edged down 0.7% (Y-o-Y) in 2Q FY2011, following a 0.3% (Y-o-Y) decline initially reported. Moreover, the unit labour cost surged 3.3% in 2Q FY2011, from a 2.2% growth registered initially.
In Australia, the Australian Bureau of Statistics reported that, on a seasonally adjusted basis, capital spending edged up 4.9% (Q-o-Q) in the June quarter to A$33.8 billion, compared to a revised 7.7% rise in the March quarter.
In the Asian session at 3:00GMT, the Australian Dollar is trading at 1.0695, 0.09% lower from yesterday’s close at 23:00 GMT.
LME Copper prices declined 1.0% or $95.8/MT to $9100.8/ MT. Aluminium prices declined 0.1% or $1.3/MT to $2401.0/ MT.
The pair is expected to find first short term resistance at 1.0726, with the next resistance levels at 1.0757 and 1.0809, subsequently. The first support for the pair is seen at 1.0674, followed by next supports at 1.0653 and 1.0601 respectively.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
