AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.40% against the USD to close at 1.0476.
LME Copper prices declined 0.7% or $60.0/MT to $7945.3/MT. Aluminium prices declined 0.4% or $8.0/MT to $2072.5/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0481, with the AUD trading marginally higher from yesterday’s close. Meanwhile, Australia’s Treasurer, Wayne Swan, indicated that the government is unlikely to reach its previously announced goal of a budget surplus for the fiscal year ending June 30, 2013. He cited lower commodities prices, which have adversely impacted government revenue, as one reason the surplus may not be realized.
The pair is expected to find support at 1.0453, and a fall through could take it to the next support level of 1.0425. The pair is expected to find its first resistance at 1.0521, and a rise through could take it to the next resistance level of 1.0561.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
