AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD traded flat against the USD to close at 1.0593.
Early yesterday, the unemployment rate in Australia climbed to 5.3% in August, from 5.1% in July. The number of employees fell by 9,700 in August to 11.433 million.
In the Asian session at 3:00GMT, the Australian Dollar is trading at 1.0621, 0.26% higher from yesterday’s close at 23:00 GMT, after the US President, Barack Obama proposed a $447 billion package to spur hiring in the US.
Aussie also rose after a report that showed that Australia’s largest trading partner, China’s inflation cooled in August from a three-year high, easing concern the nation would take further steps to curtail price gains.
LME Copper prices rose 0.8% or $70.5/MT to $9,040.8/ MT. Aluminium prices rose 0.4% or $10.5/MT to $2,365.5/ MT.
The pair is expected to find first short term resistance at 1.0651, with the next resistance levels at 1.0682 and 1.0755, subsequently. The first support for the pair is seen at 1.0578, followed by next supports at 1.0536 and 1.0463 respectively.
The currency pair is trading just above its 20 Hr and its 50 Hr moving averages.
