AUD/USD: Aussie extends its gains in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 1.30% against the USD and closed at 0.7177 on Friday.

LME Copper prices rose 0.3% or $16.0/MT to $5901.0/MT. Aluminium prices rose 0.8% or $15.5/MT to $1866.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7201, with the AUD trading 0.33% higher against the USD from Friday’s close.

In China, Australia’s largest trading partner, industrial profits eased 1.9% on a yearly basis in December, following a decline of 1.8% in the preceding month.

The pair is expected to find support at 0.7128, and a fall through could take it to the next support level of 0.7056. The pair is expected to find its first resistance at 0.7238, and a rise through could take it to the next resistance level of 0.7276.

With no macroeconomic releases in Australia today, investors would look forward to global macroeconomic events for further directions.

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

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