AUD/USD: Aussie reverses its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.83% against the USD and closed at 0.7365.

LME Copper prices declined 2.0% or $126.0/MT to $6182.0/MT. Aluminium prices declined 0.9% or $20.0/MT to $2120.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7374, with the AUD trading 0.12% higher against the USD from yesterday’s close.

Overnight data indicated that Australia’s consumer inflation expectations eased to 3.9% in July, after registering a rise of 4.2% in the preceding month.

The pair is expected to find support at 0.7347, and a fall through could take it to the next support level of 0.7320. The pair is expected to find its first resistance at 0.7415, and a rise through could take it to the next resistance level of 0.7456.

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

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

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