AUDUSD Movement
On Friday, the AUD strengthened 1.05% against the USD to close at 0.8989. The US Dollar gave up ground against its Australian counterpart after a report showed that the US economy added only 74,000 new jobs in December, which marked the slowest rate of increase in nation’s employment since the beginning of 2011.
LME Copper prices rose marginally by $1.5/MT to $7283.5/MT. Aluminium prices advanced 0.2% or $3.0/MT to $1716.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9037, with the AUD trading 0.53% higher from Friday’s close. Earlier today, the Australian Bureau of Statistics reported that home loans in Australia rose 1.1% in November, slightly above market expectations for a rise of 1.0% and compared to a similar rate of rise recorded in the preceding month.
The pair is expected to find support at 0.8930, and a fall through could take it to the next support level of 0.8824. The pair is expected to find its first resistance at 0.9093, and a rise through could take it to the next resistance level of 0.9150.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
