AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.89% against the USD to close at 1.0397.
In the Asian session, at GMT0400, the pair is trading at 1.0381, with the AUD trading 0.15% lower from yesterday’s close, after the Reserve Bank of Australia (RBA) lowered forecasts for economic growth and inflation, spurring speculation that it would cut interest rates again.
This morning, the Reserve Bank of Australia cut its forecasts for economic growth for the year ended June 2012 to 4% from the original estimate of 4.5%, amid concerns about a possible spill over from the European crisis.
LME Copper prices declined 0.8% or $66.8/MT to $7,845.0/ MT. Aluminium prices rose 1.0% or $20.3/MT to $2,123.5/ MT.
The pair is expected to find support at 1.0240, and a fall through could take it to the next support level of 1.0100. The pair is expected to find its first resistance at 1.0484, and a rise through could take it to the next resistance level of 1.0588.
The currency pair is showing convergence with its 20 Hr and trading just above 50 Hr moving average.
