AUD/USD: Aussie extends its gains in the morning session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.7174 on Friday.

LME Copper prices declined 0.6% or $37.5/MT to $6,342.5/MT. Aluminium prices fell 0.5% or $8.0/MT to $1,730.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7192, with the AUD trading 0.25% higher against the USD from Friday’s close.

The pair is expected to find support at 0.7151, and a fall through could take it to the next support level of 0.7109. The pair is expected to find its first resistance at 0.7215, and a rise through could take it to the next resistance level of 0.7237.

Moving forward, traders would keep a watch on the Reserve Bank of Australia’s meeting minutes, slated to release overnight.

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

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