AUD/USD: Aussie trading on a stronger footing this morning


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.43% against the USD and closed at 0.7658 on Friday.

LME Copper prices declined 1.3% or $76.0/MT to $5939.0/MT. Aluminium prices declined 0.7% or $12.5/MT to $1865.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7671, with the AUD trading 0.17% higher from Friday’s close.

The pair is expected to find support at 0.7644, and a fall through could take it to the next support level of 0.7617. The pair is expected to find its first resistance at 0.7705, and a rise through could take it to the next resistance level of 0.7739.

Moving ahead, traders would focus on Reserve Bank of Australia’s (RBA) recent meeting minutes, set to release tomorrow.

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

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