AUD/USD: Australia’s retail sales advanced more than expected in April


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined slightly against the USD and closed at 0.7570. LME Copper prices declined 0.16% or $11.0/MT to $6814.0/MT. Aluminium prices declined 0.3% or $68.5/MT to $2217.0/MT.

Macroeconomic news indicated that Australia’s seasonally adjusted retail sales rose by 0.4% on a monthly basis in April, compared to an unchanged reading in the previous month. Market had envisaged retail sales to rise by 0.3%.

In the Asian session, at GMT0300, the pair is trading at 0.7602, with the AUD trading 0.42% higher against the USD from Friday’s close.

The pair is expected to find support at 0.7543, and a fall through could take it to the next support level of 0.7485. The pair is expected to find its first resistance at 0.7632, and a rise through could take it to the next resistance level of 0.7663.

Moving ahead, traders would closely monitor Australia’s AiG services PMI for May, scheduled to release overnight.

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

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