AUD/USD: Aussie extends its losses in the Asian session


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.83% against the USD and closed at 0.7186.

LME Copper prices rose 2.7% or $174.5/MT to $6,667.0/MT. Aluminium prices climbed 0.8% or $13.5/MT to $1,746.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7176, with the AUD trading 0.14% lower against the USD from yesterday’s close.

The People’s Bank of China (PBoC), in its interest rate decision, kept its key interest rate unchanged at 3.85%, as expected.

The pair is expected to find support at 0.7136, and a fall through could take it to the next support level of 0.7096. The pair is expected to find its first resistance at 0.7246, and a rise through could take it to the next resistance level of 0.7316.

Moving forward, traders would keep a watch on Australia’s Commonwealth Bank manufacturing and services PMIs, both for August, slated to release overnight.

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

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