AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD weakened 0.72% against the USD to close at 0.7269.
LME Copper prices declined 1.77% or $84.0/MT to $4660.0/MT. Aluminium prices declined 1.04% or $16.0/MT to $1529.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7286, with the AUD trading 0.23% higher from Friday’s close.
Over the weekend, in China, Australia’s largest trading partner, data showed that the nation’s retail sales advanced less-than-expected by 10.1% YoY in April, compared to market expectations for an advance of 10.6%. In the previous month, retail sales had advanced 10.5%. Additionally, China’s industrial production rose 6.0% YoY in April, lower than market expectations for an advance of 6.5% and following a 6.8% rise in the previous month, thus indicating continued weakness in the world’s second-largest economy.
The pair is expected to find support at 0.7251, and a fall through could take it to the next support level of 0.7216. The pair is expected to find its first resistance at 0.7315, and a rise through could take it to the next resistance level of 0.7344.
Moving ahead, investors will look forward to the RBA’s May meeting minutes, scheduled to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.