AUD/USD: Australia’s unemployment rate surprisingly dropped in February


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.56% against the USD and closed at 0.7128.

LME Copper prices declined 0.2% or $13.0/MT to $6487.0/MT. Aluminium prices rose 0.8% or $15.5/MT to $1923.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7148, with the AUD trading 0.28% higher against the USD from yesterday’s close.

Overnight data indicated that Australia’s seasonally adjusted unemployment rate unexpectedly declined to 4.9% in February, compared to a rate of 5.0% in the prior month. Market participants had anticipated unemployment rate to record an unchanged reading.

The pair is expected to find support at 0.7089, and a fall through could take it to the next support level of 0.7031. The pair is expected to find its first resistance at 0.7187, and a rise through could take it to the next resistance level of 0.7227.

Moving forward, traders would keep an eye on Australia’s CBA manufacturing and services PMI’s for March, set to release overnight.

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

This entry was posted in AUD/USD. Bookmark the permalink.

Comments are closed.