AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.82% against the USD and closed at 0.7370.

LME Copper prices rose 2.2% or $134.0/MT to $6247.0/MT. Aluminium prices rose 4.5% or $91.5/MT to $2118.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7368, with the AUD trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 0.7338, and a fall through could take it to the next support level of 0.7309. The pair is expected to find its first resistance at 0.7425, and a rise through could take it to the next resistance level of 0.7483.

Going ahead, traders will closely monitor Australia’s, NAB business confidence index, unemployment rate and the Westpac consumer confidence, set to release next week.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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