AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened marginally against the USD to close at 1.0512.
LME Copper prices rose 0.7% or $55.0/MT to $8050.3/MT. Aluminium prices rose 1.1% or $22.0/MT to $2026.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0503, with the AUD trading marginally lower from yesterday’s close.
This morning, on a seasonally adjusted basis, retail sales in Australia fell by 0.1% (MoM) in November, compared to a flat reading registered in the previous month. Meanwhile, the Housing Industry Association reported that new home sales rose 4.7% (MoM) in November, following a revised 3.6% rise recorded in the previous month.
The pair is expected to find support at 1.0474, and a fall through could take it to the next support level of 1.0445. The pair is expected to find its first resistance at 1.0528, and a rise through could take it to the next resistance level of 1.0552.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
