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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.77% against the USD and closed at 0.7204.

LME Copper prices declined 0.6% or $35.5/MT to $6222.0/MT. Aluminium prices declined 1.3% or $26.5/MT to $2030.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7214, with the AUD trading 0.14% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s private sector credit recorded a more-than-expected rise of 0.5% on a monthly basis in August, compared to an advance of 0.4% in the prior month.

The pair is expected to find support at 0.7188, and a fall through could take it to the next support level of 0.7162. The pair is expected to find its first resistance at 0.7254, and a rise through could take it to the next resistance level of 0.7294.

Moving ahead, traders would await the Reserve Bank of Australia’s interest rate decision, the AiG performance of manufacturing index, building approvals and trade balance data, all slated to release next week.

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

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