AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.48% against the USD and closed at 0.7919.
LME Copper prices rose 0.8% or $54.0/MT to $6962.0/MT. Aluminium prices rose 0.7% or $14.5/MT to $2138.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7936, with the AUD trading 0.21% higher against the USD from yesterday’s close, after Australia’s seasonally adjusted unemployment rate fell to 5.5% in January, at par with market expectations. Unemployment rate had registered a revised reading of 5.6% in the preceding month.
On the other hand, the nation’s consumer inflation expectations eased to 3.6% in February, compared to a reading of 3.7% in the prior month.
The pair is expected to find support at 0.7824, and a fall through could take it to the next support level of 0.7712. The pair is expected to find its first resistance at 0.7997, and a rise through could take it to the next resistance level of 0.8058.
Going ahead, traders would keep a close watch on a speech by the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, due overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
