AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.49% against the USD to close at 0.9349.
LME Copper prices declined 1.5%or $105.5/MT to $6995.0/MT. Aluminium prices declined 0.9% or $18.5/MT to $1983.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9283, with the AUD trading 0.71% lower from yesterday’s close, as disappointing employment data from Australia shocked investors. The unemployment rate in Australia rose to 6.4% in July, a 12-year high, compared with 6% a month ago as the number of unemployed people surged to around 790,000. However, the full-time employment rose 14,500 and the participation rate rose to 64.8% in July.
Meanwhile, the AiG performance of construction index for July registered an 8-month high reading of 52.6, compared to a reading of 51.8 in June; mostly led by higher housing prices as well as confidence in the labour market.
The pair is expected to find support at 0.9251, and a fall through could take it to the next support level of 0.9219. The pair is expected to find its first resistance at 0.9345, and a rise through could take it to the next resistance level of 0.9407.
Amid lack of economic releases from Australia today, Friday’s RBA’s quarterly statement on monetary policy as well as trade balance data from China are expected garner investor attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
