AUD/USD: Aussie trading higher ahead of central bank meeting minutes


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 3.34% against the USD and closed at 0.6711 on Friday.

LME Copper prices rose 0.4% or $21.0/MT to $5,737.0/MT. Aluminium prices climbed 0.2% or $3.0/MT to $1,704.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6724, with the AUD trading 0.19% higher against the USD from Friday’s close.

The pair is expected to find support at 0.6712, and a fall through could take it to the next support level of 0.6700. The pair is expected to find its first resistance at 0.6733, and a rise through could take it to the next resistance level of 0.6742.

Going ahead, traders would keep a close watch on the Reserve Bank of Australia’s (RBA) meeting minutes, due overnight.

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

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