AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.88% against the USD to close at 0.9236, as the greenback weakened after the Federal Reserve Chairman Bernanke stated that the US central bank would continue to pursue an accommodative monetary policy as inflation remained low and the unemployment rate might be understating the weakness of the labour market.
LME Copper prices rose 0.9% or $61.0/MT to $6780.0/MT. Aluminium prices rose 1.2% or $21.5/MT to $1761.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9279, with the AUD trading 0.47% higher from yesterday’s close, after the seasonally adjusted employment change in Australia increased by 10,300 in June, against the revised decline of 7000 recorded in the previous month. However, the seasonally adjusted, unemployment rate registered a marginal rise to 5.7% in June, from a revised rate of 5.6% recorded in May. A separate report showed that consumer inflation expectations in Australia rose to 2.6% in July.
The pair is expected to find support at 0.9147, and a fall through could take it to the next support level of 0.9015. The pair is expected to find its first resistance at 0.9356, and a rise through could take it to the next resistance level of 0.9433.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
