AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.11% against the USD and closed at 0.7383.
LME Copper prices declined 1.2% or $64.5/MT to $5466.0/MT. Aluminium prices declined 1.5% or $28.0/MT to $1879.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7361, with the AUD trading 0.3% lower against the USD from yesterday’s close, on the back of disappointing retail sales data in Australia.
Early morning data showed that Australia’s seasonally adjusted retail sales unexpectedly dropped 0.1% on a monthly basis in March, declining for the second consecutive month and confounding market consensus for a rise of 0.3%. In the prior month, retail sales had fallen by a revised 0.2%.
The pair is expected to find support at 0.7334, and a fall through could take it to the next support level of 0.7307. The pair is expected to find its first resistance at 0.7406, and a rise through could take it to the next resistance level of 0.7451.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
