AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.38% against the USD to close at 0.9334.
LME Copper prices declined 0.1% or $9.0/MT to $7163.0/MT. Aluminium prices fell 0.2% or $3.0/MT to $1756.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9255, with the AUD trading 0.85% lower from yesterday’s close, as the latest batch of dismal employment data from Australia, weighed on investors’ sentiment.
Earlier today, in Australia, a report showed that, on a seasonally adjusted basis, the number of people employed decreased by 10,800 in August, defying market expectation for a rise of 10,000 and following a decline of 11,400 registered in the previous month. Another data revealed that, on a seasonally adjusted basis, the unemployment rate in the nation rose 5.8% in August, at par with market estimates and compared to a 5.7% rise recorded in last month.
The Australian Dollar also took cues from downbeat comments by Chinese Premier, Li Keqiang, who indicated at the World Economic Forum yesterday that growth in China is not yet on a stable footing and stimulus policies will not be enough to change deep rooted problems in the Chinese economy.
The pair is expected to find support at 0.9219, and a fall through could take it to the next support level of 0.9184. The pair is expected to find its first resistance at 0.9323, and a rise through could take it to the next resistance level of 0.9392.
With no further economic releases from Australia, investors eye global economic news for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
