AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.37% against the USD and closed at 0.7073 on Friday.
LME Copper prices rose 0.6% or $36.0/MT to $6572.0/MT. Aluminium prices declined 0.1% or $2.5/MT to $1890.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7099, with the AUD trading 0.37% higher against the USD from Friday’s close.
Overnight data indicated that Australia’s seasonally adjusted building approvals rebounded 2.5% on a monthly basis in January, following a drop of 8.4% in the prior month.
The pair is expected to find support at 0.7072, and a fall through could take it to the next support level of 0.7045. The pair is expected to find its first resistance at 0.7124, and a rise through could take it to the next resistance level of 0.7149.
Going forward, investors would keep an eye on the Reserve Bank of Australia’s interest rate decision, set to release early morning tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
