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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.84% against the USD and closed at 0.7848 on Friday.

LME Copper prices declined 0.3% or $22.0/MT to $6808.0/MT. Aluminium prices declined 0.2% or $4.0/MT to $2078.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7865, with the AUD trading 0.22% higher against the USD from Friday’s close.

The pair is expected to find support at 0.7805, and a fall through could take it to the next support level of 0.7746. The pair is expected to find its first resistance at 0.7897, and a rise through could take it to the next resistance level of 0.7930.

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

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

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