AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.28% against the USD to close at 0.9527.
LME Copper prices rose 0.9% or $61.5/MT to $7200.0/MT. Aluminium prices advanced 1.0% or $17.0/MT to $1784.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9479, with the AUD trading 0.50% lower from yesterday’s close, after a report revealed that around 27,900 people lost their full-time jobs in Australia during October, compared to a mere loss of 1,800 full-time jobs in the preceding month. Negative sentiment was also fuelled after another report showed that, on a seasonally adjusted basis, the number of jobs added in the Australian economy stood at 1,100 in October, nowhere near to market estimate for an addition of 10,000 jobs and compared to a 3,300 jobs added in the previous month. However, on a seasonally adjusted basis, Australia’s unemployment rate rose to 5.7% in October, in-line with analysts’ expectations and compared to a similar rate of rise registered in the previous month.
The pair is expected to find support at 0.9447, and a fall through could take it to the next support level of 0.9415. The pair is expected to find its first resistance at 0.9528, and a rise through could take it to the next resistance level of 0.9577.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
