AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.06% against the USD to close at 0.7544.
LME Copper prices rose 0.51% or $25.0/MT to $4945.0/MT. Aluminium prices declined 0.86% or $13.0/MT to $1495.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7605, with the AUD trading 0.81% higher from yesterday’s close.
Early this morning, data showed that Australia’s unemployment rate surprisingly declined to 5.8%, compared to investor expectations for it to remain steady at 6.0%, suggesting that underlying economy remains solid. Further, the number of people employed rose by 0.3K in February, compared to market expectations for an advance of 13.5K. Number of people employed had registered a revised fall of 7.4K in the previous month.
The pair is expected to find support at 0.7472, and a fall through could take it to the next support level of 0.7340. The pair is expected to find its first resistance at 0.7679, and a rise through could take it to the next resistance level of 0.7753.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
