AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.38% against the USD to close at 1.0161.
In Australia, the AiG Performance of Services Index rose by 3.2 points to reach 48.7 points in February 2011, from 45.5 in January. Additionally, trade balance showed a surplus of A$ 1,875 million in January 2011, a decrease from surplus of A$ 2,018 million in December 2010. Meanwhile, building approvals declined M-o-M by a seasonally adjusted 15.9% in January, following a revised 10.0% increase posted in December.
LME Copper prices declined 0.9% or $87.3/MT to $9,820.3/ MT. Aluminium prices declined 1.0% or $26.8/ MT to $2,554.8/ MT.
In the Asian session at 4:00GMT, the pair is trading at 1.0157, 0.04% lower from the New York session close.
The pair is expected to find first short term resistance at 1.0197, with the next resistance levels at 1.0236 and 1.0329, subsequently. The first support for the pair is seen at 1.0104, followed by next supports at 1.0050 and 0.9957 respectively.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
