AUD/USD: Australia’s unemployment rate surprisingly jumped in November


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.96% against the USD and closed at 0.7113.

LME Copper prices declined 0.9% or $56.0/MT to $5987.0/MT. Aluminium prices declined 0.6% or $12.0/MT to $1928.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7106, with the AUD trading 0.10% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted unemployment rate unexpectedly climbed to 5.1% in November, cofounding market anticipation for an unchanged reading. In the preceding month, the unemployment rate had recorded a rate of 5.0%.

The pair is expected to find support at 0.7062, and a fall through could take it to the next support level of 0.7019. The pair is expected to find its first resistance at 0.7175, and a rise through could take it to the next resistance level of 0.7245.

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

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