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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD marginally declined against the USD and closed at 0.7158.

LME Copper prices declined 1.2% or $70.5/MT to $5951.5/MT. Aluminium prices declined 0.5% or $8.5/MT to $1842.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7135, with the AUD trading 0.32% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7121, and a fall through could take it to the next support level of 0.7107. The pair is expected to find its first resistance at 0.7163, and a rise through could take it to the next resistance level of 0.7191.

Moving ahead, investors would closely monitor Australia’s Westpac leading index for December, set to release overnight.

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

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