AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.37% against the USD to close at 0.7355.
LME Copper prices rose 0.35% or $5.5/MT to $1569.5/MT. Aluminium prices declined 0.10%% or $5.0/MT to $5171.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7335, with the AUD trading 0.27% lower from yesterday’s close.
Earlier in the day, data revealed that the unemployment rate in the country increased sharply to 6.3% in July, from a revised figure of 6.1% in June. The workforce participation rate rose to 65.1% in July, from 64.8% in the past month.
The pair is expected to find support at 0.7305, and a fall through could take it to the next support level of 0.7275. The pair is expected to find its first resistance at 0.7381, and a rise through could take it to the next resistance level of 0.7427.
Trading trends in the pair today are expected to be determined by overnight data of AiG performance of construction index.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
