AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.46% against the USD and closed at 0.7050 on Friday.
LME Copper prices declined 0.9% or $59.5/MT to $6398.5/MT. Aluminium prices rose 0.4% or $7.0/MT to $1848.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7038, with the AUD trading 0.17% lower against the USD from Friday’s close.
The pair is expected to find support at 0.7010, and a fall through could take it to the next support level of 0.6982. The pair is expected to find its first resistance at 0.7059, and a rise through could take it to the next resistance level of 0.7080.
Moving ahead, investors would keep an eye on Australia’s NAB business conditions and business confidence for February, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
