AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 1.40% against the USD to close at 1.0702, on tumbling commodity prices.
In the Asian session at 3:00GMT, the pair is trading at 1.0623, 0.74% lower from the New York session close, over poor employment data in Australia.
The Australian Bureau of Statistics stated that the number of people employed in Australia fell by 22,100 in April to 11,436,500 missing expectations for 17,000 new jobs following the addition of 37,800 jobs in March. However, the unemployment rate remained steady at 4.9% in April, in line with forecasts.
LME Copper prices declined 2.1% or $185.0/MT to $8,750.3/ MT. Aluminium prices declined 1.2% or $31.3/MT to $2,618.3/ MT.
The pair is expected to find first short term resistance at 1.0814, with the next resistance levels at 1.1006 and 1.1314, subsequently. The first support for the pair is seen at 1.0506, followed by next supports at 1.0390 and 1.0082 respectively.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
