AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD strengthened 0.19% against the USD to close at 0.7680.
LME Copper prices rose 0.50% or $24.5/MT to $4880.0/MT. Aluminium prices rose 2.18% or $32.5/MT to $1524.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7645, with the AUD trading 0.45% lower from Friday’s close.
Early this morning, data showed that Australia’s seasonally adjusted retail sales remained flat on a monthly basis in February, compared to market expectations for an advance of 0.4%. In the prior month, retail sales had risen 0.3%. On the other hand, the nation’s building approvals rebounded above expectations by 3.1% MoM in February, from a revised drop of 6.6% in the previous month. Investors had expected it to rise by 2.5%.
The pair is expected to find support at 0.7598, and a fall through could take it to the next support level of 0.7551. The pair is expected to find its first resistance at 0.7693, and a rise through could take it to the next resistance level of 0.7741.
Moving ahead, investors will look forward to the RBA’s interest rate decision, scheduled to be announced in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
