AUD/USD: Australian retail sales surprisingly dropped in February


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.07% against the USD and closed at 0.7638 on Friday.

LME Copper prices declined 0.2% or $11.0/MT to $5849.0/MT. Aluminium prices declined 0.4% or $8.5/MT to $1946.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7611, with the AUD trading 0.35% lower against the USD from Friday’s close, after Australia’s seasonally adjusted retail sales unexpectedly fell 0.1% MoM in February, defying market expectations for a rise of 0.3% and following a rise of 0.4% in the previous month.

Additionally, the nation’s AIG performance of manufacturing index eased to a level of 57.5 in March, compared to a reading of 59.3 in the prior month. On the other hand, the nation’s seasonally adjusted building approvals recorded an unexpected rise of 8.3% on a monthly basis in February, against market consensus for a drop of 1.0% and following a revised rise of 2.2% in the previous month.

The pair is expected to find support at 0.7591, and a fall through could take it to the next support level of 0.7572. The pair is expected to find its first resistance at 0.7646, and a rise through could take it to the next resistance level of 0.7682.

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

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