AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0259.
LME Copper prices declined 0.9% or $64.5/MT to $6811.0/MT. Aluminium prices rose 1.0% or $17.5/MT to $1858.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.025, with the AUD trading marginally lower from yesterday’s close, after the release of downbeat inflation figures. Data released this morning indicated that the annual consumer price inflation in Australia rose less-than-estimated to 2.5% in the Q12013 compared to a 2.2% rate reported in the previous quarter. Market had expected inflation to rise to 2.8% in the Q12013.
The pair is expected to find support at 1.0221, and a fall through could take it to the next support level of 1.0193. The pair is expected to find its first resistance at 1.0278, and a rise through could take it to the next resistance level of 1.0307.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
