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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.42% against the USD and closed at 0.7669.

LME Copper prices rose 1.0% or $61.0/MT to $5911.0/MT. Aluminium prices rose 1.7% or $32.0/MT to $1895.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7684, with the AUD trading 0.2% higher against the USD from yesterday’s close.

The pair is expected to find support at 0.7656, and a fall through could take it to the next support level of 0.7628. The pair is expected to find its first resistance at 0.7714, and a rise through could take it to the next resistance level of 0.7744.

Next week, market participants will focus on the Reserve Bank of Australia’s (RBA) March meeting minutes, along with Australia’s house price index for 4Q and Westpac leading index for February.

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

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