AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.54% against the USD and closed at 0.7512.
LME Copper prices declined 0.9% or $50.5/MT to $5721.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $1800.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7517, with the AUD trading 0.07% higher against the USD from yesterday’s close.
Overnight data indicated that Australia’s seasonally adjusted unemployment rate unexpectedly nudged higher to 5.8% in December, while markets were anticipating unemployment rate to remain steady at 5.7%, recorded in the previous month. On the contrary, the nation’s consumer inflation expectations rose to 4.3% in January, notching its highest level in almost three-years, compared to a reading of 3.4% in the prior month.
The pair is expected to find support at 0.7483, and a fall through could take it to the next support level of 0.7448. The pair is expected to find its first resistance at 0.7559, and a rise through could take it to the next resistance level of 0.76.
Moving ahead, investors will direct their attention to Australia’s HIA new home sales for November, scheduled to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
