AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.59% against the USD to close at 0.7070.
LME Copper prices declined 0.05% or $2.5/MT to $4931.0/MT. Aluminium prices rose 0.54% or $8.0/MT to $1494.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7146, with the AUD trading 1.07% higher from yesterday’s close.
Early morning data showed that Australia’s unemployment rate surprisingly fell to 5.9% in October, reaching its lowest level since May this year and compared to 6.2% in the previous month. Investors had expected it to remain unchanged. Additionally, the number of people employed in the nation advanced by 58.60 K in October, compared to market anticipations of an advance of 15.00 K. Number of people employed had recorded a revised fall of 0.80 K in the prior month.
Other economic data indicated that the nation’s consumer inflation expectations remained steady at 3.5% in November.
The pair is expected to find support at 0.7072, and a fall through could take it to the next support level of 0.6998. The pair is expected to find its first resistance at 0.7188, and a rise through could take it to the next resistance level of 0.7230.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
