AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD slightly declined against the USD and closed at 0.7586.
LME Copper prices rose 0.7% or $48.5/MT to $6764.0/MT. Aluminium prices rose 1.2% or $24.0/MT to $2106.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7588, with the AUD trading marginally
higher against the USD from yesterday’s close.
The pair is expected to find support at 0.7577, and a fall through could take it to the next support level of 0.7565. The pair is expected to find its first resistance at 0.7604, and a rise through could take it to the next resistance level of 0.7619.
Next week, market participants would eye a speech by the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, along with the minutes of the latest RBA monetary policy meeting, both due next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
