By GCI Forex Research
AUDUSD MovementFor the 24 hours to 23:00 GMT, AUD strengthened 0.07% against the USD to close at 1.0098.
In Australia, seasonally-adjusted unemployment rate declined to 5.0% in February, from 5.1% in January. Additionally, in the US, wholesale inventories rose by 1.1% (M-o-M) in January, greater than market expectations, following an upwardly revised 1.3% rise posted in December.
In the Asian session at 4:00GMT, the pair is trading at 1.0040, 0.57% lower from the New York session close.
LME Copper prices rose 2.0% or $189.8/MT to $9,609.5/ MT. Aluminium prices rose 1.8% or $44.5/ MT to $2,579.3/ MT.
The pair is expected to find first short term resistance at 1.0096, with the next resistance levels at 1.0151 and 1.0225, subsequently. The first support for the pair is seen at 1.0022, followed by next supports at 1.0003 and 0.9929 respectively.
The currency pair is trading below its 20 Hr and 50 hr moving averages.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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