AUD/USD: Aussie reverses its losses in the morning session



AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 4.46% against the USD and closed at 0.6596.

LME Copper prices rose 0.1% or $6.0/MT to $5,663.5/MT. Aluminium prices climbed 0.8% or $12.5/MT to $1,685.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6601, with the AUD trading 0.08% higher against the USD from yesterday’s close.

Overnight data showed that the total value of construction work done in Australia fell 3.0% in the fourth quarter of 2019, compared to a revised gain of 0.4% in the previous quarter.

The pair is expected to find support at 0.6584, and a fall through could take it to the next support level of 0.6567. The pair is expected to find its first resistance at 0.6620, and a rise through could take it to the next resistance level of 0.6639.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

  Chart Of The Day: Pound Sterling To Retest 1.1500 Level

Drop your queries here! ↴ we will answer you shortly.