AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.44% against the USD to close at 0.7333.
LME Copper prices declined 1.39% or $64.0/MT to $4525.0/MT. Aluminium prices rose 0.17% or $2.5/MT to $1462.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7319, with the AUD trading 0.18% lower from yesterday’s close.
Early morning data showed that Australia’s retail sales advanced more-than-anticipated by 0.5% MoM in October, rising for the third consecutive month, and compared to market expectations for it to remain steady at 0.4%.
The pair is expected to find support at 0.7284, and a fall through could take it to the next support level of 0.725. The pair is expected to find its first resistance at 0.7359, and a rise through could take it to the next resistance level of 0.7399.
Going ahead, investors will look forward to Australia’s AiG performance of construction index, Westpac consumer confidence and unemployment rate data, scheduled to be released next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
