AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.58% against the USD to close at 1.0854, amid rise in commodity prices.
In the US, the Federal Reserve Bank of Richmond President, Jeffrey Lacker, stated that the US Federal Reserve should turn its attention to withdrawing stimulus after completing its $600.0 billion bond purchase program at the end of June 2011. Additionally, import prices, on a monthly basis, increased by 2.2% in April, following a 2.6% rise recorded in March.
In the Asian session at 3:00GMT, the pair is trading at 1.0854, flat from the New York session close.
LME Copper prices rose 0.3% or $28.3/MT to $8,935.3/ MT. Aluminium prices rose 1.1% or $30.0/MT to $2,649.5/ MT.
The pair is expected to find first short term resistance at 1.0907, with the next resistance levels at 1.0959 and 1.1099, subsequently. The first support for the pair is seen at 1.0767, followed by next supports at 1.0679 and 1.0539 respectively.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
