AUD/USD: Australia’s retail sales advanced less-than-estimated in September


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 1.71% against the USD and closed at 0.7202.

LME Copper prices declined 0.1% or $3.0/MT to $6070.0/MT. Aluminium prices rose/declined 0.7% or $15.0/MT to $1961.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7198, with the AUD trading 0.06% lower against the USD from yesterday’s close.

Overnight data showed that Australia’s producer price index (PPI) advanced 2.1% on a yearly basis in 3Q 2018, compared to a gain of 1.5% in the previous quarter. Furthermore, the nation’s seasonally adjusted retail sales climbed less-than-anticipated by 0.2% on a monthly basis in September, following a rise of 0.3% in the preceding month.

The pair is expected to find support at 0.7137, and a fall through could take it to the next support level of 0.7075. The pair is expected to find its first resistance at 0.7237, and a rise through could take it to the next resistance level of 0.7275.

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

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