AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD declined 0.25% against the USD and closed at 0.7586.
LME Copper prices declined 0.84% or $41.0/MT to $4844.5/MT. Aluminium prices declined 0.95% or $15.5/MT to $1620.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7613, with the AUD trading 0.36% higher against the USD from yesterday’s close.
Early morning data indicated that Australia’s seasonally adjusted retail sales rose for a fifth consecutive month, after it advanced by 0.1% on a monthly basis in June, lower than market expectations for a rise of 0.3% and following a rise of 0.2% in the previous month.
The pair is expected to find support at 0.7578, and a fall through could take it to the next support level of 0.7542. The pair is expected to find its first resistance at 0.7637, and a rise through could take it to the next resistance level of 0.7660.
Going ahead, market participants will look forward to Australia’s AiG performance of construction index for July, scheduled to be released overnight. Moreover, investors will closely watch the Reserve Bank of Australia’s monetary policy statement, due to release in the early hours of tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
