AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.41% against the USD and closed at 0.7415.
LME Copper prices rose 0.57% or $33.0/MT to $5773.0/MT. Aluminium prices rose 0.09% or $1.5/MT to $1724.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7409, with the AUD trading 0.08% lower against the USD from yesterday’s close.
Overnight data showed that Australia’s seasonally adjusted retail sales rose more-than-expected by 0.5% on a monthly basis in October, growing for the third consecutive month, suggesting sustained growth in the nation’s consumer spending. Retail sales recorded a rise of 0.6% in the prior month, whereas markets anticipated it to gain by 0.3%.
The pair is expected to find support at 0.7373, and a fall through could take it to the next support level of 0.7336. The pair is expected to find its first resistance at 0.7439, and a rise through could take it to the next resistance level of 0.7468.
Moving ahead, investors would closely monitor RBA’s interest rate decision accompanied with Australia’s GDP for 3Q, AiG performance of services and construction indices, both for November and trade balance for October, all scheduled to release next week.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
