AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.45% against the USD to close at 1.0416, following news that the US economy contracted in the final three months of 2012.
LME Copper prices rose 2.1% or $165.0/MT to $8175.3/MT. Aluminium prices rose 2.4% or $48.8/MT to $2046.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0392, with the AUD trading 0.23% lower from yesterday’s close.
This morning, the Housing Industry Association reported that, new home sales in Australia increased 6.2% (MoM) in December, compared to a downwardly revised 3.0% rise recorded in the previous month. Separately, private sector credit advanced 3.6% (YoY) in December, compared to a 3.5% rise reported last month.
The pair is expected to find support at 1.0355, and a fall through could take it to the next support level of 1.0319. The pair is expected to find its first resistance at 1.0453, and a rise through could take it to the next resistance level of 1.0515.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
