AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.70% against the USD to close at 1.0317.
Late yesterday, the Australian Industry Group’s Performance of Construction Index declined to a reading of 36.2 in January, compared to a reading of 38.8 recorded in December.
LME Copper prices declined 0.5% or $42.8/MT to $8199.5/MT. Aluminium prices declined 0.7% or $15.5/MT to $2059.3/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0317, with the AUD trading flat from yesterday’s close.
This morning, the seasonally adjusted unemployment rate in Australia came in unchanged at 5.4% in January compared to a similar rate recorded in the previous month. Moreover, the Australian economy created 10,400 jobs in January, higher than the forecasts for an increase of 6,000 jobs and compared to a drop of revised 3,800 jobs in the previous month. Separately, the National Australia Bank (NAB) reported that its business confidence index slipped to a reading of -5.0 in the Q4 FY2012, compared to a downwardly revised reading of -4.0 recorded in the Q3 FY2012.
The pair is expected to find support at 1.0289, and a fall through could take it to the next support level of 1.0260. The pair is expected to find its first resistance at 1.0353, and a rise through could take it to the next resistance level of 1.0388.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
