AUD/USD: Aussie reverses its gains in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD increased 0.28% against the USD and closed at 0.7144.

LME Copper prices dropped 0.1% or $6.0/MT to $5920.5/MT. Aluminium prices rose 0.5% or $10.0/MT to $1877.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7123, with the AUD trading 0.29% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s unemployment rate unexpectedly fell to 5.0% in December, marking its lowest level since June 2011 and compared to a rate of 5.1% in November. Market participants had expected the unemployment rate to record an unchanged reading. Additionally, the CBA manufacturing PMI rose to a level of 54.3 in January, compared to a reading of 54.0 in the previous month. On the other hand, the CBA services PMI slid to a level of 51.0 in January, following a reading of 52.7 in the prior month.

The pair is expected to find support at 0.7107, and a fall through could take it to the next support level of 0.7091. The pair is expected to find its first resistance at 0.7153, and a rise through could take it to the next resistance level of 0.7183.

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

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