AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD fell marginally against the USD to close at 1.0544, as disappointing unemployment data fuelled speculation that the Reserve Bank of Australia might resume interest rate cut in its monetary policy meeting due this month.
LME Copper prices declined 0.5% or $37.0/MT to $7510.0/MT. Aluminium prices rose 1.2% or $22.5/MT to $1855.5/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0553, with the AUD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0508, and a fall through could take it to the next support level of 1.0463. The pair is expected to find its first resistance at 1.0591, and a rise through could take it to the next resistance level of 1.0629.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
