AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.10% against the USD to close at 0.9381.
LME Copper prices eased 0.1% or $6.0/MT to $6689.5/MT. Aluminium prices shed 1.6% or $29.5/MT to $1835.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9369, with the AUD trading 0.13% lower from yesterday’s close, as data revealed that net employment in Australia unexpectedly fell by 4,800 in May, for the first time in five months. However, unemployment rate in the nation remained unchanged at 5.8% for third straight month in May, defying market expectations for a rise to 5.9%. Separately, another report showed that consumer inflation expectations in Australia fell by 0.4 percentage points to 4.0% in June from 4.4% in May.
The pair is expected to find support at 0.9341, and a fall through could take it to the next support level of 0.9314. The pair is expected to find its first resistance at 0.9405, and a rise through could take it to the next resistance level of 0.9442.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
