AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 1.0432.
LME Copper prices rose 0.3% or $26.5/MT to $7975.3/MT. Aluminium prices rose 0.9% or $17.8/MT to $2096.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0439, with the AUD trading marginally higher from yesterday’s close.
The Reserve Bank of Australia, this morning, decided to lower the benchmark cash rate by 25 basis points to 3.0%, in line with market expectations.
Separately, the Australian Bureau of Statistics reported that the seasonally adjusted current account deficit in Australia widened to A$14.9 billion in the Q3 FY2012, compared to a downwardly revised deficit of A$12.4 billion in the Q2 FY2012.
The pair is expected to find support at 1.0404, and a fall through could take it to the next support level of 1.0370. The pair is expected to find its first resistance at 1.0466, and a rise through could take it to the next resistance level of 1.0493.
Trading trends in the pair today are expected to be determined by the release of the performance of services index in Australia later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
