AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD strengthened 0.16% against the USD to close at 1.0773, on broad dollar weakness.
In the Asian session, at GMT0400, the pair is trading at 1.0805, with the AUD trading 0.30% higher from yesterday’s close, amid release of positive Australian retail sales data in January.
The Australian Bureau of Statistics reported that retail sales, on seasonally adjusted basis, rose 0.3% (MoM) in January, as compared to -0.1% in December.
Additionally, Private Sector Credit rose 0.2% (MoM) in January. Meanwhile, Housing Industry Association stated that the new home sales dropped 7.3% (MoM) in January.
LME Copper prices rose 2.6% or $220.8/MT to $ 8656.5/ MT. Aluminium prices rose 1.8% or $41.0/MT to $ 2307.8/ MT.
The pair is expected to find support at 1.0749, and a fall through could take it to the next support level of 1.0692. The pair is expected to find its first resistance at 1.0843, and a rise through could take it to the next resistance level of 1.0880.
Trading trends in the pair today are expected to be determined by the release of Australian AiG performance of the manufacturing index.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
