AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.87% against the USD and closed at 0.7349.
LME Copper prices rose 1.05% or $50.0/MT to $4830.0/MT. Aluminium prices rose 0.41% or $6.5/MT to $1603.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7364, with the AUD trading 0.19% higher from yesterday’s close.
Early this morning, data indicated that Australia’s seasonally adjusted retail sales advanced less-than-expected by 0.3% MoM in January, compared to investor expectations for a rise of 0.4% and following a flat reading in the preceding month.
The pair is expected to find support at 0.7314, and a fall through could take it to the next support level of 0.7265. The pair is expected to find its first resistance at 0.7396, and a rise through could take it to the next resistance level of 0.7428.
Moving ahead, investors await the release of Australia’s AiG performance of construction, NAB business confidence, Westpac consumer confidence and consumer inflation expectation indices data, all slated to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
