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


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.38% against the USD and closed at 0.6858.

LME Copper prices rose 1.1% or $65.0/MT to $5,799.0/MT. Aluminium prices climbed 0.6% or $9.0/MT to $,1586.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.6856, with the AUD trading marginally lower against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted retail sales jumped 16.3% on a monthly basis in May, due to easing in coronavirus led lockdowns and compared to a drop of 17.7% in the previous month.

The pair is expected to find support at 0.6827, and a fall through could take it to the next support level of 0.6798. The pair is expected to find its first resistance at 0.6894, and a rise through could take it to the next resistance level of 0.6932.

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

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