AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.78% against the USD to close at 0.7374.
LME Copper prices declined 0.92% or $42.0/MT to $4504.0/MT. Aluminium prices declined 0.47% or $7.5/MT to $1584.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7378, with the AUD trading marginally higher from Friday’s close.
Early this morning, in China, Australia’s largest trading partner, data showed that the nation’s retail sales rose less-than-expected by 10.0% YoY in May, against investor expectations for growth to remain steady at 10.1%. On the other hand, the nation’s industrial production advanced in line with market expectations by 6.0% YoY in May, after registering a similar rise in the previous month.
The pair is expected to find support at 0.7349, and a fall through could take it to the next support level of 0.7321. The pair is expected to find its first resistance at 0.7413, and a rise through could take it to the next resistance level of 0.7449.
Going ahead, investors will look forward to the release of Australia’s consumer inflation expectations index, along with the NAB business confidence and conditions index data, due in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
