AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 1.27% against the USD and closed at 0.7397.
LME Copper prices declined 0.53% or $30.5/MT to $5735.0/MT. Aluminium prices declined 0.17% or $3.0/MT to $1752.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7421, with the AUD trading 0.32% higher from yesterday’s close.
Overnight data indicated that Australia’s seasonally adjusted unemployment rate unexpectedly rose to 5.7% in November, whereas markets expected the unemployment rate to remain steady at 5.6%. On the other hand, the nation’s employment jumped more-than-expected by 39.1K in November, recording its biggest monthly gain this year, following a revised increase of 15.2K in the prior month. Also, the consumer inflation expectations improved to 3.4% in December. In the prior month, the consumer inflation expectations had recorded a level of 3.2%.
The pair is expected to find support at 0.7358, and a fall through could take it to the next support level of 0.7295. The pair is expected to find its first resistance at 0.7504, and a rise through could take it to the next resistance level of 0.7587.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
