AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.43% against the USD to close at 1.0420.
In the Asian session, at GMT0400, the pair is trading at 1.0397, with the AUD trading 0.22% lower from yesterday’s close, after a report showed the number of people employed in Australia unexpectedly declined in December, for the second consecutive month.
The Australian Bureau of Statistics reported that number of people employed declined by 29,300 in December, after a revised 7,500 drop in November. Additionally, the unemployment rate in Australia came in at a seasonally adjusted 5.2% in December. Separately, inflation expectations in Australia rose to 2.8% in January.
LME Copper prices declined 0.4% or $29.0/MT to $8155.8/ MT. Aluminium prices rose 0.1% or $3.3/MT to $2174.5/ MT.
The pair is expected to find support at 1.0358, and a fall through could take it to the next support level of 1.0319. The pair is expected to find its first resistance at 1.0437, and a rise through could take it to the next resistance level of 1.0477.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
