AUDUSD Movement
AUD extended its previous session gains and rose 0.32% against the USD, for the 24 hours to 23:00 GMT, to close at 1.0628, as higher commodity prices supported the demand for the commodity linked currency, after the US Federal Reserve decided to extend its ultralow borrowing costs.
In the Asian session, at GMT0400, the pair is trading at 1.0617, with the AUD trading 0.11% lower from yesterday’s close.
LME Copper prices rose 3.5% or $287.0/MT to $8557.5/ MT. Aluminium prices rose 2.1% or $46.0/MT to $2231.8/ MT.
The pair is expected to find support at 1.0577, and a fall through could take it to the next support level of 1.0537. The pair is expected to find its first resistance at 1.0672, and a rise through could take it to the next resistance level of 1.0728.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
