AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.07% against the USD to close at 1.0574.
LME Copper prices declined 0.4% or $30.0/MT to $7495.3/ MT. Aluminium prices declined 0.4% or $6.8/MT to $1865.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0539, with the AUD trading 0.33% lower from yesterday’s close, after trade surplus in China fell to $25.2 billion in July, compared to a $31.7 billion surplus posted in June.
Separately, this morning, the Reserve Bank of Australia (RBA), in its monetary policy statement, forecasted that the Australian gross domestic product (GDP) would grow 3.5% in 2012, from the prior forecast of 3.0% rise. Additionally, it stated that consumer prices are set to rise by 2.5% in the year to December 2012, slightly higher than the 2.25% predicted in May.
The pair is expected to find support at 1.0510, and a fall through could take it to the next support level of 1.0482. The pair is expected to find its first resistance at 1.0590, and a rise through could take it to the next resistance level of 1.0642.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
