AUD/USD: Australia’s retail sales rebounded in January


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.16% against the USD and closed at 0.7582 on Friday.

LME Copper prices declined 1.4% or $84.0/MT to $5910.0/MT. Aluminium prices declined 1.0% or $20.0/MT to $1909.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7571, with the AUD trading 0.15% lower against the USD from Friday’s close.

Early morning data showed that Australia’s seasonally adjusted retail sales rebounded 0.4% on a monthly basis in January, in line with market expectations. Retail sales had dropped 0.1% in the prior month.

The pair is expected to find support at 0.7542, and a fall through could take it to the next support level of 0.7512. The pair is expected to find its first resistance at 0.7599, and a rise through could take it to the next resistance level of 0.7626.

Market participants look forward to the Reserve Bank of Australia’s interest rate decision, scheduled to be announced in the early hours tomorrow.

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

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