AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.69% against the USD and closed at 0.7720.
LME Copper prices declined 0.49% or $23.0/MT to $4642.5/MT. Aluminium prices declined 2.49% or $41.5/MT to $1622.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7686, with the AUD trading 0.44% lower against the USD from yesterday’s close.
Overnight data revealed that, Australia’s seasonally adjusted unemployment rate surprisingly dropped to 5.6% in September, declining to a three-year low level, while markets expected it to remain steady at a revised reading of 5.7% recorded in the previous month. Additionally, the nation’s NAB business confidence index climbed to a level of 5.0 in 3Q 2016. In the prior quarter, the index had registered a revised reading of 3.0.
The pair is expected to find support at 0.7650, and a fall through could take it to the next support level of 0.7614. The pair is expected to find its first resistance at 0.7728, and a rise through could take it to the next resistance level of 0.7770.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
