AUD/USD: Aussie trading higher in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.31% against the USD and closed at 0.7500.

LME Copper prices declined 2.2% or $127.0/MT to $5655.0/MT. Aluminium prices declined 1.8% or $34.0/MT to $1847.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7517, with the AUD trading 0.23% higher against the USD from yesterday’s close.

Early morning data showed that Australia’s seasonally adjusted home loan approvals unexpectedly rose 0.5% MoM in January, confounding market consensus for a fall of 1.0% and following a revised rise of 0.2% in the previous month.

The pair is expected to find support at 0.7494, and a fall through could take it to the next support level of 0.7471. The pair is expected to find its first resistance at 0.7534, and a rise through could take it to the next resistance level of 0.7551.

Next week, investors will await the release of Australia’s unemployment rate, consumer inflation expectations, NAB business confidence and Westpac consumer confidence indices.

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

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