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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.10% against the USD and closed at 0.7088 on Friday.

LME Copper prices declined 0.3% or $20.0/MT to $6207.0/MT. Aluminium prices rose 0.1% or $2.5/MT to $1865.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7095, with the AUD trading 0.10% higher against the USD from Friday’s close.

The pair is expected to find support at 0.7075, and a fall through could take it to the next support level of 0.7054. The pair is expected to find its first resistance at 0.7112, and a rise through could take it to the next resistance level of 0.7128.

Going ahead, traders wold closely monitor Australia’s NAB business conditions and business confidence, both for January, scheduled to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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