AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.23% against the USD to close at 0.8834.
In economic news, Australian foreign exchange reserves expanded to a level of A$60.89 billion in September, after advancing to a level of A$60.04 billion in the previous month.
LME Copper prices declined/rose 0.60% or $40.0/MT to $6755.0/MT. Aluminium prices rose/declined 1.83% or $34.5/MT to $1920.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.8854, with the AUD trading 0.23% higher from yesterday’s close.
Earlier today, data from Australia indicated that unemployment rose to 6.1% in September, at par with market expectations and compared to a revised level of 6.0% registered in the previous month. Meanwhile, number of employed people in the nation eased by 29.7 K in September, lower than market expected decline of 30.0 K jobs and following a revised gain of 32.1 K jobs in August.
The pair is expected to find support at 0.8771, and a fall through could take it to the next support level of 0.8689. The pair is expected to find its first resistance at 0.8899, and a rise through could take it to the next resistance level of 0.8945.
Going forward, investors look forward to Australia’s home loans data scheduled overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
