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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 1.27% against the USD and closed at 0.6855.

LME Copper prices rose 0.03% or $2.0/MT to $6156.0/MT. Aluminium prices declined 0.03% or $0.5/MT to $1771.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.6872, with the AUD trading 0.25% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s AIG performance of services index dropped to a level of 48.7 in December, compared to a reading of 53.7 in the previous month. Meanwhile, the nation’s seasonally adjusted retail sales advanced 0.9% on a monthly basis in November, surpassing market expectations for a rise of 0.4%. In the prior month, retail sales had recorded a revised rise of 0.1%.

The pair is expected to find support at 0.6855, and a fall through could take it to the next support level of 0.6839. The pair is expected to find its first resistance at 0.6883, and a rise through could take it to the next resistance level of 0.6895.

In absence of key economic releases in Australia today, investor sentiment would be determined by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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