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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.67% against the USD and closed at 0.7172 on Friday.

LME Copper prices rose 0.9% or $57.5/MT to $6490.0/MT. Aluminium prices declined 0.2% or $4.0/MT to $1843.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7178, with the AUD trading 0.08% higher against the USD from Friday’s close.

The pair is expected to find support at 0.7137, and a fall through could take it to the next support level of 0.7095. The pair is expected to find its first resistance at 0.7206, and a rise through could take it to the next resistance level of 0.7233.

In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.

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

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