AUDUSD Movement
For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.78% against the USD to close at 1.0398, as an impasse on talks to avert the so-called fiscal cliff in the US sapped demand for higher-yielding assets.
Over the weekend, Australia’s trade minister, Craig Emerson, indicated that the nation could achieve a trade surplus in the fiscal ending June 2013, if positive signs around household spending continue through the rest of the year.
LME Copper prices declined 0.7% or $57.0/MT to $7768.3/MT. Aluminium prices rose 0.2% or $3.5/MT to $2035.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0405, with the AUD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0376, and a fall through could take it to the next support level of 1.0347. The pair is expected to find its first resistance at 1.0444, and a rise through could take it to the next resistance level of 1.0484.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
