Topic: COZfx: Unemployment in Australia rise more than analysts’ expectations

COZforex: For the past trading session, AUD marginally strengthened against the USD to close at 0.9023.
In commodities, LME Copper prices rise 0.8% or $54.5/MT to $7174.5/MT. Aluminium prices advanced 0.9% or $15.0/MT to $1686.0/MT.

In the Asian session, AUD/USD is trading at 0.8934; with the AUD trading 0.99% lower from yesterday’s close, after data showed that, on a seasonally adjusted basis, unemployment rate in Australia rise more-than-expected to 6.0% in January, from previous month’s level of 5.8%.

Negative sentiment for the Aussie was also fuelled after the IMF, in its latest review of Australia, expressed concerns on the economic growth of Australia and opined that the Australian Dollar needs to depreciate, in order to achieve a more sustainable growth.

Separately, another report showed that consumer inflation expectation in Australia remained unchanged at 2.3% in February, compared to the previous month.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, AUD/USD is predicted to find support at 0.8884, and a drop through could take it to the next support line of 0.8833. Meanwhile, the pair is predicted to find its first resistance at 0.9027, and a rise through could take it to the next resistance line of 0.9119.

Market participants are expected to keep a close watch on RBA Deputy Governor, Guy Debelle’s speech, expected to commence later today.

(COZ forex UK)