HomeContributorsFundamental AnalysisAussie Trading On A Stronger Footing This Morning

Aussie Trading On A Stronger Footing This Morning

For the 24 hours to 23:00 GMT, the AUD declined 1.44% against the USD and closed at 0.6843.

LME Copper prices remained unchanged at $6158.5/MT. Aluminium prices declined 0.2% or $3.0/MT to $1,807.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6868, with the AUD trading 0.37% higher against the USD from yesterday’s close, after Australia’s jobless rate declined in December.

Overnight data showed that Australia’s seasonally adjusted unemployment rate unexpectedly fell to 5.1% in December, compared to 5.2% in the prior month. Additionally, consumer inflation expectations unexpectedly advanced 4.7% in January, compared to 4.0% in the previous month.

The pair is expected to find support at 0.6840, and a fall through could take it to the next support level of 0.6813. The pair is expected to find its first resistance at 0.6887, and a rise through could take it to the next resistance level of 0.6907.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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