AUD/USD: Aussie reverses its losses in morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 17.74% against the USD and closed at 0.5679, after Australia’s central bank eased its monetary policy.

LME Copper prices declined 3.6% or $175.5/MT to $4,685.0/MT. Aluminium prices fell 1.3% or $21.5/MT to $1,581.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.5859, with the AUD trading 3.17% higher against the USD from yesterday’s close.

The pair is expected to find support at 0.5596, and a fall through could take it to the next support level of 0.5333. The pair is expected to find its first resistance at 0.6043, and a rise through could take it to the next resistance level of 0.6227.

With no macroeconomic releases in Australia today, investor sentiment would be determined by global macroeconomic news.

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

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