AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.2% against the USD and closed at 0.7110 on Friday.
LME Copper prices rose 2.8% or $170.0/MT to $6325.0/MT. Aluminium prices rose 1.0% or $21.0/MT to $2045.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7107, with the AUD trading slightly lower against the USD from Friday’s close.
The pair is expected to find support at 0.7091, and a fall through could take it to the next support level of 0.7074. The pair is expected to find its first resistance at 0.7132, and a rise through could take it to the next resistance level of 0.7156.
Moving ahead, investors would closely monitor Reserve Bank of Australia’s (RBA) meeting minutes for October, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
