AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.57% against the USD and closed at 0.7958.
LME Copper prices rose 0.3% or $15.5/MT to $5956.0/MT. Aluminium prices rose 1.1% or $20.0/MT to $1907.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7940, with the AUD trading 0.23% lower against the USD from yesterday’s close.
Earlier today, data indicated that Australia’s seasonally adjusted unemployment rate remained steady at 5.6% in June, meeting market expectations. In the previous month, the unemployment rate was revised higher to 5.6%. Moreover, the nation’s NAB business confidence index remained steady at a level of 7.0 in the second quarter of 2017.
The pair is expected to find support at 0.7905, and a fall through could take it to the next support level of 0.7870. The pair is expected to find its first resistance at 0.7982, and a rise through could take it to the next resistance level of 0.8024.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
