AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.20% against the USD to close at 1.0567.
LME Copper prices declined 0.5% or $41.3/MT to $7525.3/ MT. Aluminium prices rose 0.5% or $9.5/MT to $1872.5/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0593, with the AUD trading 0.25% higher from yesterday’s close, after reports showed that the Australia’s job market was stronger than expected in July.
This morning, Australia’s unemployment rate came in at a seasonally adjusted 5.2% in July, in line with the market expectation, and down from the revised June reading of 5.3%. Additionally, Australian employment change rose to a seasonally adjusted 14,000 to 11.5 million.
Meanwhile in China, consumer price index grew 1.8% (YoY) in July, the slowest pace since February 2010, compared to a rise of 2.2% in June. Additionally, producer price index in China dropped 2.9% (YoY) in June, the fifth straight drop and compared to a drop of 2.1% in the previous month.
The pair is expected to find support at 1.0550, and a fall through could take it to the next support level of 1.0507. The pair is expected to find its first resistance at 1.0619, and a rise through could take it to the next resistance level of 1.0645.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
