AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.74% against the USD and closed at 0.7592.
LME Copper prices rose 0.5% or $25.5/MT to $5684.5/MT. Aluminium prices rose 0.5% or $9.5/MT to $1886.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7613, with the AUD trading 0.28% higher against the USD from yesterday’s close, following an upbeat Australian jobs report.
Early morning data showed that Australia’s seasonally adjusted unemployment rate unexpectedly eased to 5.5% in May, dropping to its lowest level in four years, driven by a rebound in fulltime positions. Markets expected unemployment rate to remain steady at 5.7%. Additionally, the number of people employed climbed by 42.0K in May, following a revised gain of 46.1K in the prior month, whereas investors had envisaged for a rise of 10.0K.
On the other hand, the nation’s consumer inflation expectations dropped to 3.6% in June, compared to a reading of 4.0% in the previous month.
The pair is expected to find support at 0.7552, and a fall through could take it to the next support level of 0.7491. The pair is expected to find its first resistance at 0.7655, and a rise through could take it to the next resistance level of 0.7697.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
