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

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

AUDUSD

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.

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