AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.46% against the USD and closed at 0.7109.
LME Copper prices rose 0.8% or $47.0/MT to $6249.0/MT. Aluminium prices declined 0.2% or $4.0/MT to $2018.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7135, with the AUD trading 0.37% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s seasonally adjusted unemployment rate surprisingly dropped to 5.0% in September, compared to a rate of 5.3% in the prior month. Market had anticipated for unemployment rate to record a flat reading. Meanwhile, the nation’s NAB business confidence eased to a level of 3.0 in Q3 2018, compared to a reading of 7.0 in the prior quarter.
The pair is expected to find support at 0.7107, and a fall through could take it to the next support level of 0.7078. The pair is expected to find its first resistance at 0.7162, and a rise through could take it to the next resistance level of 0.7188.
With no macroeconomic releases in Australia today, investors look forward to global macroeconomic events for further directions.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
