AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.45% against the USD and closed at 0.6796.
LME Copper prices rose 0.2% or $13.5/MT to $5758.5/MT. Aluminium prices remained unchanged at $1751.0/MT.
Separately, the OECD downgraded Australia’s trade partner, China’s growth forecast to 6.1% from 6.2% in 2019 and to 5.7% from 6.0% in 2020.
In the Asian session, at GMT0300, the pair is trading at 0.6790, with the AUD trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 0.6776, and a fall through could take it to the next support level of 0.6763. The pair is expected to find its first resistance at 0.6806, and a rise through could take it to the next resistance level of 0.6823.
With no macroeconomic releases in Australia today, investors would look forward to global macroeconomic releases for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
