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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.83% against the USD and closed at 0.7085.

LME Copper prices fell 0.6% or $35.5/MT to $5885.0/MT. Aluminium prices declined 1.4% or $26.5/MT to $1851/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7105, with the AUD trading 0.28% higher against the USD from yesterday’s close.

The pair is expected to find support at 0.7077, and a fall through could take it to the next support level of 0.7049. The pair is expected to find its first resistance at 0.7132, and a rise through could take it to the next resistance level of 0.7159.

Moving ahead, Australia’s NAB business confidence index, the consumer price index, the AIG performance of manufacturing index and the producer price index, all slated to release next week, would keep investors on their toes.

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

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