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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 4.74% against the USD and closed at 0.6577.

LME Copper prices rose 0.1% or $4.0/MT to $5,618.0/MT. Aluminium prices declined 0.3% or $5.5/MT to $1,671.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6535, with the AUD trading 0.64% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s private sector credit demand rose 0.3% on a monthly basis January, compared to an increase of 0.2% in the previous month.

The pair is expected to find support at 0.6511, and a fall through could take it to the next support level of 0.6488. The pair is expected to find its first resistance at 0.6575, and a rise through could take it to the next resistance level of 0.6616.

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

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