AUD/USD: Australia’s jobless rate fell in July


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 1.33% against the USD and closed at 0.7925.

LME Copper prices rose 0.8% or $51.0/MT to $6433.0/MT. Aluminium prices rose 0.9% or $19.0/MT to $2075.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7932, with the AUD trading 0.09% higher against the USD from yesterday’s close, on the back of robust Australian jobs data.

Early morning data showed that Australia’s seasonally adjusted unemployment rate fell to 5.6% in July, in line with market expectations, as the economy added jobs at a faster pace. Unemployment rate had registered a revised level of 5.7% in the preceding month.

The pair is expected to find support at 0.7856, and a fall through could take it to the next support level of 0.7779. The pair is expected to find its first resistance at 0.7979, and a rise through could take it to the next resistance level of 0.8025.

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

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