AUD/USD: Australia’s retail sales advanced in August, while construction sector activity cooled in September


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.38% against the USD and closed at 0.7077.

LME Copper prices rose 0.6% or $35.0/MT to $6310.0/MT. Aluminium prices rose 3.6% or $77.0/MT to $2243.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7067, with the AUD trading 0.14% lower against the USD from yesterday’s close.

Overnight data revealed that, Australia’s seasonally adjusted retail sales rose 0.3% on a monthly basis in August, higher than market consensus for an advance of 0.2%. Retail sales had recorded a flat reading in the previous month. On the other hand, the nation’s AIG performance of construction index declined to a level of 49.3 in September, following a reading of 51.8 in the previous month.

The pair is expected to find support at 0.7054, and a fall through could take it to the next support level of 0.7041. The pair is expected to find its first resistance at 0.7089, and a rise through could take it to the next resistance level of 0.7111.

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

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