AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.25% against the USD to close at 1.0680, on positive developments about the Greece debt restructuring, despite poor Australian economic data.
In Australia, the gross domestic product, on quarterly basis, declined by 1.2% in the first quarter of 2011, following a 0.8% growth in the last quarter of 2010.
In the US, the consumer confidence index fell to a reading of 60.8 in May, following an upwardly revised reading of 66.0 recorded in April.
In the Asian session at 3:00GMT, the pair is trading at 1.0722, 0.39% higher from yesterday’s close at 23:00GMT.
LME Copper prices rose 0.8% or $73.8/MT to $9,224.3/ MT. Aluminium prices rose 2.0% or $51.0/MT to $2,648.5/ MT.
The pair is expected to find first short term resistance at 1.0774, with the next resistance levels at 1.0827 and 1.0948, subsequently. The first support for the pair is seen at 1.0653, followed by next supports at 1.0585 and 1.0464 respectively.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
