AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.46% against the USD and closed at 0.7708.
LME Copper prices declined 2.1% or $129.0/MT to $6016.0/MT. Aluminium prices declined 1.2% or $22.0/MT to $1871.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7710, with the AUD trading a tad higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s seasonally adjusted unemployment rate unexpectedly eased to 5.7% in January, while market participants anticipated for it to remain steady at 5.8%, recorded in the prior month. Meanwhile, the nation’s consumer inflation expectations declined to 4.1% in February, compared to a reading of 4.3% in the previous month.
The pair is expected to find support at 0.7650, and a fall through could take it to the next support level of 0.7590. The pair is expected to find its first resistance at 0.7751, and a rise through could take it to the next resistance level of 0.7792.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
