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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 14.38% against the USD and closed at 0.5911.

LME Copper prices declined 0.7% or $35.5/MT to $4,754.0/MT. Aluminium prices fell 1.6% or $25.0/MT to $1,507.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.5917, with the AUD trading 0.10% higher against the USD from yesterday’s close.

The pair is expected to find support at 0.5834, and a fall through could take it to the next support level of 0.5751. The pair is expected to find its first resistance at 0.6037, and a rise through could take it to the next resistance level of 0.6157.

In absence of any macroeconomic releases in Australia today, investor sentiment would be governed by global macroeconomic factors.

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

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