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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.14% against the USD and closed at 0.6949 on Friday.

LME Copper prices declined 3.0% or $17.0/MT to $6,322.5/MT. Aluminium prices fell 1.2% or $20.0/MT to $1,639.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6969, with the AUD trading 0.29% higher against the USD from Friday’s close.

The pair is expected to find support at 0.6938, and a fall through could take it to the next support level of 0.6907. The pair is expected to find its first resistance at 0.6986, and a rise through could take it to the next resistance level of 0.7003.

Moving forward, traders would keep a watch on Australia’s NAB business and conditions indices, both for June, slated to release overnight.

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

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