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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD slightly rose against the USD and closed at 0.7124.

LME Copper prices rose 1.0% or $65.5/MT to $6498.0/MT. Aluminium prices declined 0.4% or $7.5/MT to $1851.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7113, with the AUD trading 0.15% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s Westpac consumer confidence index registered a rise of 1.9% to a level of 100.7 on a monthly basis in April, compared to a level of 98.8 in the prior month.

The pair is expected to find support at 0.7099, and a fall through could take it to the next support level of 0.7086. The pair is expected to find its first resistance at 0.7139, and a rise through could take it to the next resistance level of 0.7166.

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

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