AUDUSD Movement
For the 24 hours to 23:00 GMT, AUD weakened 0.49% against the USD to close at 1.0390, after the Reserve Bank of Australia signaled the possibility for fresh easing measures.
LME Copper prices rose 0.2% or $16.5/MT to $8242.3/MT. Aluminium prices declined 0.2% or $3.8/MT to $2074.8/MT.
In the Asian session, at GMT0400, the pair is trading at 1.0353, with the AUD trading 0.36% lower from yesterday’s close, as data released this morning indicated that the seasonally adjusted retail sales in Australia declined 0.2% (MoM) in December, compared to a similar drop recorded in November. That was well shy of forecasts for an increase of 0.3%.
The pair is expected to find support at 1.0324, and a fall through could take it to the next support level of 1.0294. The pair is expected to find its first resistance at 1.0404, and a rise through could take it to the next resistance level of 1.0454.
Trading trends in the pair today are expected to be determined by AiG performance of construction index due later today in Australia.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
