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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.13% against the USD and closed at 0.7627.

LME Copper prices rose 0.3% or $23.0/MT to $6895.5/MT. Aluminium prices rose 0.2% or $5.0/MT to $2090.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7619, with the AUD trading 0.1% lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7604, and a fall through could take it to the next support level of 0.759. The pair is expected to find its first resistance at 0.7636, and a rise through could take it to the next resistance level of 0.7654.

Next week, investors would keep a close watch on Australia’s AiG performance of manufacturing index, the HIA new home sales and building approvals data.

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

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