AUD/USD: Australia’s retail sales drop for the second straight month in March


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.

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