AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD fell marginally against the USD and closed at 0.7238.
LME Copper prices declined 3.6% or $216.0/MT to $5843.0/MT. Aluminium prices declined 2.1% or $43.5/MT to $1994.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7258, with the AUD trading 0.28% higher against the USD from yesterday’s close.
Overnight data showed that, Australia’s seasonally adjusted unemployment rate unexpectedly slid to a rate of 5.3% in July, compared to a rate of 5.4% in the previous month. Market participants had anticipated for the rate to remain unchanged. Meanwhile, consumer inflation expectations rose to 4.0% in August. The consumer inflation expectations had recorded a level of 3.9% in the previous month.
The pair is expected to find support at 0.7217, and a fall through could take it to the next support level of 0.7176. The pair is expected to find its first resistance at 0.7285, and a rise through could take it to the next resistance level of 0.7312.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
