AUD/USD: Australia’s unemployment rate jumps to a 5-year high in April


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 6.55% against the USD and closed at 0.6452.

LME Copper prices declined 0.4% or $21.5/MT to $5,212.5/MT. Aluminium prices fell 0.3% or $4.0/MT to $1,439.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6439, with the AUD trading 0.20% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s consumer inflation expectations rose to 3.4% in May, compared to 4.6% in the previous month. Meanwhile, seasonally adjusted unemployment rate advanced to 6.2% in April, hitting its highest level in five years. In the prior month, the unemployment rate stood at 5.2%.

The pair is expected to find support at 0.6399, and a fall through could take it to the next support level of 0.6358. The pair is expected to find its first resistance at 0.6502, and a rise through could take it to the next resistance level of 0.6564.

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

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