AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.70% against the USD to close at 1.0639.
According to the US Federal Reserve’s latest Beige Book, economic activity has dropped off in several regions of the US, although the broader economy continued to expand. The Fed’s Beige Book reflected slowdown in the pace of growth in the New York, Philadelphia, Atlanta, and Chicago districts.
In Australia, this morning, the unemployment rate remained unchanged at 4.9%. Meanwhile, the employment change numbers improved by 7800 in May following an increase by 2500 last month.
In the Asian session at 3:00GMT, the pair is trading at 1.0591, 0.45% lower from yesterday’s close at 23:00 GMT.
LME Copper prices declined 1.3% or $121.5/MT to $8,970.3/ MT. Aluminium prices declined 0.7% or $19.3/MT to $2,645.0/ MT.
The pair is expected to find first short term resistance at 1.0664, with the next resistance levels at 1.0737 and 1.0863, subsequently. The first support for the pair is seen at 1.0538, followed by next supports at 1.0485 and 1.0359 respectively.
The currency pair is trading well below its 20 Hr and its 50 Hr moving averages.
