AUD/USD: Aussie trading lower in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.57% against the USD and closed at 0.7357.

LME Copper prices declined 12.8% or $779.0/MT to $5982.0/MT. Aluminium prices rose 1.1% or $22.0/MT to $2062.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7352, with the AUD trading 0.07% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7303, and a fall through could take it to the next support level of 0.7254. The pair is expected to find its first resistance at 0.7416, and a rise through could take it to the next resistance level of 0.7480.

In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.

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

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