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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 1.03% against the USD and closed at 0.7228.

LME Copper prices rose 2.4% or $143.0/MT to $6003.0/MT. Aluminium prices rose 1.4% or $27.0/MT to $2012.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7226, with the AUD trading slightly lower against the USD from yesterday’s close.

Overnight data revealed that Australia’s Westpac leading index advanced 0.06% on a monthly basis in August, compared to a revised gain of 0.02% in the preceding month.

The pair is expected to find support at 0.7185, and a fall through could take it to the next support level of 0.7143. The pair is expected to find its first resistance at 0.7251, and a rise through could take it to the next resistance level of 0.7275.

Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.

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

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