AUD/USD: Aussie trading marginally lower in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.23% against the USD and closed at 0.7661 on Friday.

LME Copper prices rose 0.3% or $20.0/MT to $6797.0/MT. Aluminium prices rose 0.6% or $12.0/MT to $2090.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7660, with the AUD trading slightly lower against the USD from Friday’s close.

The pair is expected to find support at 0.7636, and a fall through could take it to the next support level of 0.7613. The pair is expected to find its first resistance at 0.7689, and a rise through could take it to the next resistance level of 0.7719.

Moving ahead, investors would keep a close watch on Australia’s NAB business confidence index for October, due to release overnight.

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

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