AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.59% against the USD to close at 0.9572, as Aussie traders failed to find a catalyst to invest in commodity currency. Moreover, the greenback registered handsome gains on the back of upbeat home prices and better-than-expected consumer confidence data.
LME Copper prices rose 0.2% or $17.0/MT to $7257.0/MT. Aluminium prices declined 0.4% or $6.5/MT to $1808.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9564, with the AUD trading marginally lower from yesterday’s close.
Data released this morning indicated that Australia’s Westpac leading index edged up 0.2% (MoM) in March, while new home sales rose 3.9% (MoM) in April. However, construction work done slipped 2.0% (QoQ) in the Q12013.
The pair is expected to find support at 0.9507, and a fall through could take it to the next support level of 0.9451. The pair is expected to find its first resistance at 0.9659, and a rise through could take it to the next resistance level of 0.9755.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
