AUD/USD: Aussie Dollar trading on a stronger footing this morning

AUDUSD

AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.3% against the USD and closed at 0.7918.

LME Copper prices rose 2.1% or $137.0/MT to $6714.0/MT. Aluminium prices declined 0.4% or $8.5/MT to $2096.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7929, with the AUD trading 0.14% higher against the USD from yesterday’s close.

The pair is expected to find support at 0.7899, and a fall through could take it to the next support level of 0.7869. The pair is expected to find its first resistance at 0.7966, and a rise through could take it to the next resistance level of 0.8003.

Going forward, Australia’s building approvals data for July, due to release in the early hours of tomorrow, will attract significant of amount of market attention.

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

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