AUD USD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.38% against the USD to close at 1.0661, as employment data in Australia came below market expectations. The economy lost 22,100 jobs in April, against expectations of a rise of 17,000, leaving the seasonally adjusted unemployment rate at 4.9%.
In the US, the retail sales, on a monthly basis, advanced 0.5% in April, following an upwardly revised 0.9% increase recorded in March. Additionally, for the week ended 7 May 2011, initial jobless claims fell to 434,000, compared to the previous week’s revised figure of 478,000. For the week ended 30 April 2011, continuing claims in the US rose 5,000 to 3.756 million.
In the Asian session at 3:00GMT, the pair is trading at 1.0635, 0.24% lower from the New York session close.
LME Copper prices declined 2.4% or $214.0/MT to $8,536.3/ MT. Aluminium prices declined 0.7% or $17.8/MT to $2,600.5/ MT.
The pair is expected to find first short term resistance at 1.0701, with the next resistance levels at 1.0768 and 1.0904, subsequently. The first support for the pair is seen at 1.0565, followed by next supports at 1.0496 and 1.0360 respectively.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
