AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.70% against the USD on Friday to close at 1.0176.
In Australia, the total credit provided to the private sector by financial intermediaries rose by 0.3% (M-o-M) in January 2011, following an increase of 0.2% in December. Additionally, seasonally adjusted estimate for company gross operating profits fell by 2.8% in the December quarter 2010, following a revised 1.5% decrease the previous quarter.
LME Copper prices rose 2.8% or $260/MT to $9,699.8/ MT. Aluminium prices rose 1.5% or $38.3/ MT to $2,529.0/ MT.
In the Asian session at 4:00GMT, the pair is trading at 1.0157, 0.19% lower from the New York session close.
The pair is expected to find first short term resistance at 1.0196, with the next resistance levels at 1.0236 and 1.0333, subsequently. The first support for the pair is seen at 1.0099, followed by next supports at 1.0042 and 0.9945 respectively.
AIG performance of manufacturing and data release on inventories in Australia are expected to be the key indicators to influence further trading trends in the currency pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
