AUD/USD: Australian Dollar Trading Higher In The Asian Session

AUD/USD: Australian Dollar Trading Higher In The Asian Session

For the 24 hours to 23:00 GMT, AUD weakened 0.27% against the USD to close at 1.0443.

LME Copper prices rose 0.3% or $25.5/MT to $7795.8/MT. Aluminium prices rose 1.3% or $26.5/MT to $2002.8/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0458, with the AUD trading 0.14% higher from yesterday’s close.

Data released this morning indicated that total construction work done in Australia increased a seasonally adjusted 1.7% in the Q3 FY2012.

Meanwhile, the Reserve Bank of Australia board member, Heather Ridout, stated that the nation’s strong currency was fuelling major structural changes in the economy and hurting industries outside resources sector and urged policy makers to do more to boost productivity.

The pair is expected to find support at 1.0431, and a fall through could take it to the next support level of 1.0405. The pair is expected to find its first resistance at 1.0485, and a rise through could take it to the next resistance level of 1.0513.