AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.88% against the USD to close at 0.7413.
LME Copper prices rose 2.69% or $121.5 /MT to $4632.0 /MT. Aluminium prices rose 0.53% or $8.5 /MT to $1613.5 /MT.
In the Asian session, at GMT0300, the pair is trading at 0.7388, with the AUD trading 0.34% lower against the USD from yesterday’s close.
Early this morning, data showed that Australia’s unemployment rate held steady at 5.7% in May, in line with market expectations. Meanwhile, the number of people employed rose more-than-expected by 17.9K in May, following a revised gain of 0.8K in the prior month.
In other economic news, Australia’s consumer inflation expectations advanced 3.5% in June, after recording a 3.2% increase in the previous month.
The pair is expected to find support at 0.7341, and a fall through could take it to the next support level of 0.7293. The pair is expected to find its first resistance at 0.744, and a rise through could take it to the next resistance level of 0.7491.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
