AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.57% against the USD to close at 0.7967.
LME Copper prices declined 0.15% or $9.5/MT to $6400.5/MT. Aluminium prices rose 0.26% or $5.0/MT to $1915.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7994, with the AUD trading 0.33% higher from yesterday’s close.
Overnight data showed that Australia’s AiG performance of construction index rose to a level of 47.0 in April, down from prior month’s reading of 50.1.
Early morning data indicated that unemployment rate in Australia climbed to 6.2% in April, in line with market expectations and up from 6.1% registered in March. Meanwhile, the Australian economy lost 2.90K jobs in April, reversing market expectations for a gain of 4.0K jobs and compared to an increase of 37.70K jobs recorded in the preceding month.
The pair is expected to find support at 0.7934, and a fall through could take it to the next support level of 0.7875. The pair is expected to find its first resistance at 0.8043, and a rise through could take it to the next resistance level of 0.8092.
Going forward, the RBA’s statement on monetary policy, scheduled tomorrow, would be closely monitored by market participants for further cues.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
