AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.32% against the USD to close at 1.0592, as investor risk appetite improved after a German court backed the country’s role in euro zone bailouts.
In the Asian session at 3:00GMT, the Australian Dollar is trading at 1.0591, marginally lower from yesterday’s close at 23:00 GMT, after a report indicated that employers in Australia unexpectedly reduced jobs in August.
This morning, the Australian Bureau of Statistics reported that, on a seasonally adjusted basis the number of employees fell by 9,700 in August to 11.433 million. Meanwhile, the unemployment rate climbed to 5.3% in August from 5.1% in July.
LME Copper prices rose 0.6% or $51.0/MT to $8970.3/ MT. Aluminium prices rose 0.4% or $9.3/MT to $2355.0/ MT.
The pair is expected to find first short term resistance at 1.0641, with the next resistance levels at 1.0690 and 1.0779, subsequently. The first support for the pair is seen at 1.0552, followed by next supports at 1.0512 and 1.0423 respectively.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
