AUD/USD: Australia’s unemployment rate unexpectedly climbed in February


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.98% against the USD and closed at 0.7766.

LME Copper prices declined 2.4% or $163.0/MT to $6675.0/MT. Aluminium prices declined 5.1% or $111.5/MT to $2056.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7745, with the AUD trading 0.27% lower against the USD from yesterday’s close, after Australia’s seasonally adjusted unemployment rate recorded an unexpected rise to 5.6% in February, confounding market expectations for a steady reading. In the previous month, unemployment rate had recorded a reading of 5.5%.

The pair is expected to find support at 0.7683, and a fall through could take it to the next support level of 0.7621. The pair is expected to find its first resistance at 0.7796, and a rise through could take it to the next resistance level of 0.7847.

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

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