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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 7.07% against the USD and closed at 0.6416 on Friday.

LME Copper prices rose 0.2% or $9.5/MT to $5,165.0/MT. Aluminium prices declined 0.1% or $1.0/MT to $1,432.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6447, with the AUD trading 0.48% higher against the USD from Friday’s close.

Elsewhere in China, Australia’s largest trading partner, the house price index advanced 5.1% in April, compared to a rise of 5.3% in the prior month.

The pair is expected to find support at 0.6408, and a fall through could take it to the next support level of 0.6370. The pair is expected to find its first resistance at 0.6479, and a rise through could take it to the next resistance level of 0.6512.

Moving ahead, traders would keep a watch on the Reserve Bank of Australia’s meeting minutes, slated to release overnight.

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

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