Mon, May 29, 2023 @ 01:24 GMT
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AUD/USD: Double Delight For Australia As New Home Sales Rebound In February And Job Vacancies Register An Increase For The Third Consecutive Quarter

For the 24 hours to 23:00 GMT, the AUD strengthened 0.42% against the USD to close at 0.7665.

LME Copper prices rose 1.26% or $72.5/MT to $5847.0/MT. Aluminium prices rose 0.65% or $12.5/MT to $1931.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7658, with the AUD trading 0.09% lower against the USD from yesterday’s close.

Early morning data showed that Australian job vacancies advanced 1.8% in February, after climbing by a revised 2.5% in the previous month. This led the total number of job vacancies to rise to the highest level since May 2011 in the December-February quarter. Additionally, sales of new homes in Australia rebounded by 0.2% on a monthly basis in February, following a 2.2% decline in the previous month.

The pair is expected to find support at 0.7633, and a fall through could take it to the next support level of 0.7607. The pair is expected to find its first resistance at 0.7680, and a rise through could take it to the next resistance level of 0.7701.

Moving ahead, investors look forward to Australia’s private sector credit data for February, due in the early hours tomorrow.

The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.

GCI Financial
GCI Financial
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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