Aussie Trading Lower on US Cliff Fears

Aussie Trading Lower on US Cliff Fears

For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0365, as traders backed away from riskier assets amid persistent concerns over the US fiscal cliff.

LME Copper prices declined 0.7% or $57.0/MT to $7768.3/MT. Aluminium prices rose 0.2% or $3.5/MT to $2035.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0357, with the AUD trading marginally lower from yesterday’s close.

The pair is expected to find support at 1.0339, and a fall through could take it to the next support level of 1.0322. The pair is expected to find its first resistance at 1.0381, and a rise through could take it to the next resistance level of 1.0404.