AUD/USD: Australia’s retail sales surged by the most since 2013 in November


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.28% against the USD and closed at 0.7844.

LME Copper prices rose 0.7% or $48.5/MT to $7140.5/MT. Aluminium prices rose 0.7% or $15.5/MT to $2159.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7871, with the AUD trading 0.34% higher against the USD from yesterday’s close, following upbeat Australian retail sales numbers.

Data indicated that Australia’s seasonally adjusted retail sales accelerated by the most in nearly 5 years, after it jumped 1.2% on a monthly basis in November, driven by a spree on iPhone purchases and Black Friday sales, stirring hopes that robust consumer spending would fuel the nation’s economic growth. Retail sales had registered a gain of 0.5% in the prior month, while market had expected for a rise of 0.4%.

The pair is expected to find support at 0.7827, and a fall through could take it to the next support level of 0.7782. The pair is expected to find its first resistance at 0.7899, and a rise through could take it to the next resistance level of 0.7926.

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

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