AUD/USD: Aussie trading on a stronger footing this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 1.44% against the USD and closed at 0.6843.

LME Copper prices remained unchanged at $6158.5/MT. Aluminium prices declined 0.2% or $3.0/MT to $1,807.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6868, with the AUD trading 0.37% higher against the USD from yesterday’s close, after Australia’s jobless rate declined in December.

Overnight data showed that Australia’s seasonally adjusted unemployment rate unexpectedly fell to 5.1% in December, compared to 5.2% in the prior month. Additionally, consumer inflation expectations unexpectedly advanced 4.7% in January, compared to 4.0% in the previous month.

The pair is expected to find support at 0.6840, and a fall through could take it to the next support level of 0.6813. The pair is expected to find its first resistance at 0.6887, and a rise through could take it to the next resistance level of 0.6907.

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

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