AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.13% against the USD to close at 0.9639, as investor sentiment was hampered after the Reserve Bank of Australia left its cash rate unchanged and signalled room for further cuts.
LME Copper prices rose 0.1% or $7.0/MT to $7337.5/MT. Aluminium prices rose 0.7% or $14.0/MT to $1902.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9647, with the AUD trading marginally higher from yesterday’s close.
On a seasonally adjusted quarterly basis, Australia’s gross domestic product (GDP) improved 0.6% in the Q1 2013, much lower than expected rise of 0.8% and following a similar rise registered in the previous quarter. Annually, Australian GDP rose 2.5% in the Q1 2013. Separately in China, the HSBC services purchasing managers’ index (PMI) rose to a reading of 51.2 in May, from a reading of 51.1 in April.
The pair is expected to find support at 0.9587, and a fall through could take it to the next support level of 0.9528. The pair is expected to find its first resistance at 0.9723, and a rise through could take it to the next resistance level of 0.9800.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
