AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.61% against the USD to close at 0.8905.
LME Copper prices declined 0.5% or $34.0/MT to $7309.0/MT. Aluminium prices fell 0.6% or $10.0/MT to $1715.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8815, with the AUD trading 1.01% lower from yesterday’s close, after a report showed that, on a seasonally adjusted basis, the Australia economy lost 22,600 jobs in December, defying market expectations for an addition of 10,000 jobs and compared to 15,400 jobs added in November. However, on a seasonally adjusted basis, the unemployment rate in Australia remained unchanged at the previous month’s level of 5.8% in December, broadly in-line with market expectations. Meanwhile, a report from China, Australia’s biggest trading partner, showed that the foreign direct investment (FDI) in the nation rose more-than-expected 3.3% (YoY) in December, following a 2.4% rise seen in the previous month.
The pair is expected to find support at 0.8762, and a fall through could take it to the next support level of 0.8708. The pair is expected to find its first resistance at 0.8902, and a rise through could take it to the next resistance level of 0.8988.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
