AUD/USD: Aussie trading higher in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.22% against the USD and closed at 0.7371.

LME Copper prices rose 1.2% or $68.5/MT to $5580.5/MT. Aluminium prices rose 0.9% or $17.0/MT to $1887.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7379, with the AUD trading 0.11% higher against the USD from yesterday’s close.

The pair is expected to find support at 0.7347, and a fall through could take it to the next support level of 0.7314. The pair is expected to find its first resistance at 0.7400, and a rise through could take it to the next resistance level of 0.7420.

Moving ahead, Reserve Bank of Australia’s (RBA) May meeting minutes along with Australia’s unemployment rate and Westpac consumer confidence data, slated to release next week, will be on investors’ radar.

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

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