AUD/USD: Aussie trading on a weaker footing in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.71% against the USD and closed at 0.7612 on Friday.

LME Copper prices declined 0.4% or $27.0/MT to $6734.0/MT. Aluminium prices rose 0.7% or $13.5/MT to $2046.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7604, with the AUD trading 0.11% lower against the USD from Friday’s close.

The pair is expected to find support at 0.7560, and a fall through could take it to the next support level of 0.7517. The pair is expected to find its first resistance at 0.7643, and a rise through could take it to the next resistance level of 0.7683.

Moving ahead, market participants would anxiously await the Reserve Bank of Australia’s (RBA) interest rate decision, due tomorrow. Additionally, Australia’s AiG performance of services index for November and retail sales data for October, will also be eyed by traders.

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

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