AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.40% against the USD to close at 1.0413, amid rise in risk appetite after release of a string of better-than-forecast US data.
LME Copper prices declined 0.1% or $8.3/MT to $7810.8/MT. Aluminium prices rose 1.4% or $25.8/MT to $1908.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0396, with the AUD trading 0.16% lower from yesterday’s close.
Data released this morning indicated that producer prices in Australia rose 0.6% in the Q3 FY2012, lower than the forecasts for an increase of 1.0%, and compared to the 0.5% gain in the Q2 FY2012.
The pair is expected to find support at 1.0362, and a fall through could take it to the next support level of 1.0328. The pair is expected to find its first resistance at 1.0425, and a rise through could take it to the next resistance level of 1.0454.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
