AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.48% against the USD to close at 1.0537.
LME Copper prices rose 0.8% or $61.5/MT to $7547.0/MT. Aluminium prices rose 1.0% or $19.5/MT to $1878.0/MT.
In the Asian session, at GMT0300, the pair is trading at 1.0514, with the AUD trading 0.22% lower from yesterday’s close.
Employment in Australia dropped by a seasonally adjusted 36,100 in March, from a revised 74,000 increase recorded in the previous month. Unemployment rate rose to 5.6% in the same month, from a 5.4% in February. Also, a separate report revealed that Australians expect consumer price inflation in the nation to slow down to 2.2% March, from 2.3% estimated earlier.
The pair is expected to find support at 1.0488, and a fall through could take it to the next support level of 1.0462. The pair is expected to find its first resistance at 1.0547, and a rise through could take it to the next resistance level of 1.0580.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
