AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.51% against the USD to close at 1.0245.
LME Copper prices rose 3.7% or $251.50/MT to $7122.0/MT. Aluminium prices gained 1.4% or $25.00/MT to $1828.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0238, with the AUD trading marginally lower from yesterday’s close.
This morning, the Reserve Bank of Australia’s (RBA) trimmed its benchmark interest rates by 25 bps to 2.75%, citing “below trend” economic growth and inflation “little lower than expected”.
Also, house prices in Australia rose less-than-expected by 0.1% (QoQ) in the first quarter of 2013 (1Q 2013), following a revised 2.0% growth recorded in the prior quarter. Market had expected an increase of 2.0%. However, trade balance data surprised investors by recording a surplus of A$307 million in March, from a deficit of A$111 million recorded in the previous month.
The pair is expected to find support at 1.0208, and a fall through could take it to the next support level of 1.0179. The pair is expected to find its first resistance at 1.0280, and a rise through could take it to the next resistance level of 1.0323.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
