AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 0.9449.
LME Copper prices declined 1.3% or $90.5/MT to $7141.0/MT. Aluminium prices rose 1.1% or $20.5/MT to $1839.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9406, with the AUD trading 0.46% lower from yesterday’s close. Earlier today, a government report showed that, on a seasonally adjusted basis, the unemployment rate in Australia declined to 5.6% in September, defying market expectation for the rate to remain unchanged at previous month’s level of 5.8%. However, the seasonally adjusted number of people employed in Australia rose by 9,100 in September, compared to a revised fall of 10,200 recorded in August. Another report revealed that consumer inflation expectation in Australia rose to 2.0% in September from a 1.5% rise seen in the previous month.
The pair is expected to find support at 0.9373, and a fall through could take it to the next support level of 0.9341. The pair is expected to find its first resistance at 0.9456, and a rise through could take it to the next resistance level of 0.9507.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
