AUD/USD: Aussie trading on a stronger footing this morning

AUD/USD: Aussie trading on a stronger footing this morning

AUDUSD

AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 5.19% against the USD and closed at 0.6546.

LME Copper prices declined 0.9% or $49.5/MT to $5,614.0/MT. Aluminium prices fell 0.5% or $8.5/MT to $1,676.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6557, with the AUD trading 0.17% higher against the USD from yesterday’s close.

The pair is expected to find support at 0.6532, and a fall through could take it to the next support level of 0.6507. The pair is expected to find its first resistance at 0.6593, and a rise through could take it to the next resistance level of 0.6629.

Looking ahead, market participants would keep a close watch on Australia’s private sector credit demand for January, slated to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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