AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 1.29% against the USD to close at 0.7546 on Friday.
LME Copper prices rose 0.11% or $5.0/MT to $4622.5/MT. Aluminium prices rose 0.10% or $1.5/MT to $1567.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7527, with the AUD trading 0.25% lower against the USD from Friday’s close.
The pair is expected to find support at 0.7478, and a fall through could take it to the next support level of 0.7429. The pair is expected to find its first resistance at 0.7616, and a rise through could take it to the next resistance level of 0.7705.
Going ahead, market participants look forward to the release of Australia’s NAB business confidence and conditions index data for August, due in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
