AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.16% against the USD to close at 1.0441.
LME Copper prices rose 0.8% or $66.0/MT to $8225.8/MT. Aluminium prices rose 1.1% or $22.8/MT to $2078.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0399, with the AUD trading 0.40% lower from yesterday’s close, after the Reserve Bank of Australia (RBA) maintained its key cash rate unchanged at 3.0% in line with market estimates and signaled that it has room to ease monetary policy further, if needed.
On the economic front, the seasonally adjusted merchandise trade deficit in Australia narrowed to AUD427.0 million in December, compared to a revised deficit of AUD2788.0 million reported in the previous month. Moreover, the Australia Industry Group’s performance of service index rose to a reading of 45.3 in January, compared to a reading of 43.2 recorded in the previous month. Additionally, the house price index rose 1.6% (QoQ) Q4 FY2012, compared to a revised 0.1% drop reported in the previous quarter.
The pair is expected to find support at 1.0375, and a fall through could take it to the next support level of 1.0350. The pair is expected to find its first resistance at 1.0442, and a rise through could take it to the next resistance level of 1.0484.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
