AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.43% against the USD to close at 1.0053.
LME Copper prices declined 1.8% or $145.0/MT to $ 8088.5/ MT. Aluminium prices declined 1.9% or $39.0/MT to $ 1986.8/ MT.
In the Asian session, at GMT0300, the pair is trading at 1.0087, with the AUD trading 0.34% higher from yesterday’s close, after the Australia’s jobless rate unexpectedly dropped in April to the lowest in a year.
The Australian Bureau of Statistics reported that unemployment rate fell to 4.9%, from 5.2% in the previous month, as the economy added a bigger-than-expected 15,500 jobs in April. The AUD also rose, after trade surplus in China, Australia’s biggest trading partner, widened to $18.4 billion in April, compared to expectations of $10.4 billion surplus.
The pair is expected to find support at 1.0032, and a fall through could take it to the next support level of 0.9978. The pair is expected to find its first resistance at 1.0130, and a rise through could take it to the next resistance level of 1.0174.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
