AUDUSD Movement
On Friday, the AUD strengthened 0.16% against the USD to close at 0.8961 and recorded its biggest weekly advance in five months as the currency continued to benefit from the Reserve Bank of Australia’s decision to upgrade its economic growth and inflation forecasts.
LME Copper prices rose 1.3% or $91.0/MT to $7200.0/MT. Aluminium prices advanced 1.4% or $23.5/MT to $1678.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.8933, with the AUD trading 0.31% lower from Friday’s close.
The pair is expected to find support at 0.8906, and a fall through could take it to the next support level of 0.8879. The pair is expected to find its first resistance at 0.8980, and a rise through could take it to the next resistance level of 0.9027.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
