AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.53% against the USD and closed at 0.7359.
LME Copper prices rose 0.1% or $5.0/MT to $5551.0/MT. Aluminium prices declined 0.3% or $5.0/MT to $1717.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7379, with the AUD trading 0.27% higher against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted retail sales rose for a fourth consecutive month, after it climbed 0.2% on a monthly basis in November, less than market expectations for a rise of 0.4%. In the prior month, retail sales had advanced 0.5%.
Elsewhere, in China, Australia’s largest trading partner, the consumer price index (CPI) rose less-than-expected by 2.1% YoY in December, compared to an advance of 2.3% in the previous month. Markets were anticipating the CPI to rise 2.2%. Also, the nation’s producer price index jumped 5.5% on an annual basis in December, surging the most in more than five-year and compared to an advance of 3.3% in the previous month. Meanwhile, investors had envisaged the index to rise 4.6%.
The pair is expected to find support at 0.7323, and a fall through could take it to the next support level of 0.7268. The pair is expected to find its first resistance at 0.7409, and a rise through could take it to the next resistance level of 0.7440.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
