AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.71% against the USD to close at 0.9345.
LME Copper prices declined 0.55% or $ 38.5/MT to $ 6927.0/MT. Aluminium prices declined 0.24% or $ 5.0/MT to $ 2078.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.9348, with the AUD trading tad higher from yesterday’s close.
Early morning data indicated that the seasonally adjusted retail sales in Australia rose 0.4% (MoM) in July, in line with market expectations. Retail sales in the nation had risen 0.6% in the prior month. Meanwhile, the seasonally adjusted trade deficit fell to A$1,359.0 million from a revised trade deficit of A$1,564.0 million in the previous month. Market expectations were for it to rise to A$1,750.0 million.
The pair is expected to find support at 0.9289, and a fall through could take it to the next support level of 0.9230. The pair is expected to find its first resistance at 0.9387, and a rise through could take it to the next resistance level of 0.9426.
Amid a lack of any major economic release ahead in the week from Australia, investors would shift their focus on next week’s employment figures of Australia.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
