GCI Forex News - AUD/USD: Pairing yesterday’s gain this morning

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD strengthened 0.21% against the USD to close at 1.0517, on comments by German Chancellor, Angela Merkel about the role of the European Central Bank (ECB) in the region’s debt crisis.

The Australian Dollar rose earlier, as risk appetite improved, after Chinese Premier, Wen Jiabao said that he sees “growing room for monetary policy operation” as inflation slows down in China.

LME Copper prices remained flat at $7385.5/MT. Aluminium prices declined 0.6% or $10.0/MT to $1793.3/MT.

In the Asian session, at GMT0300, the pair is trading at 1.0501, with the AUD trading 0.15% lower from yesterday’s close.

The pair is expected to find support at 1.0474, and a fall through could take it to the next support level of 1.0448. The pair is expected to find its first resistance at 1.0528, and a rise through could take it to the next resistance level of 1.0556.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.