AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.30% against the USD to close at 0.9377.
LME Copper prices declined 0.3% or $21.5/MT to $6630.5/MT. Aluminium prices rose 0.4% or $6.5/MT to $1791.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9408, with the AUD trading 0.33% higher from yesterday’s close, after data from Australia showed that unemployment rate fell to a seasonally adjusted 5.8% in March, from previous month’s level of 6.1% while the economy added 18,100 jobs in March, much better than expectations for an addition of 5,000 jobs. Meanwhile, another report showed that consumer inflation expectations in Australia rose 2.4% in April, the highest since July last year.
Meanwhile, China, Australia’s largest trading partner, reported that it swung to a trade surplus of $7.71 billion in March, far more than analysts’ expectations for a surplus of $0.9 billion and compared to a deficit of $22.98 billion registered in the preceding month.
The pair is expected to find support at 0.9356, and a fall through could take it to the next support level of 0.9304. The pair is expected to find its first resistance at 0.9451, and a rise through could take it to the next resistance level of 0.9494.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
