HomeContributorsFundamental AnalysisAUD/USD: Australian Retail Sales Surprisingly Dropped In February

AUD/USD: Australian Retail Sales Surprisingly Dropped In February

For the 24 hours to 23:00 GMT, the AUD declined 0.07% against the USD and closed at 0.7638 on Friday.

LME Copper prices declined 0.2% or $11.0/MT to $5849.0/MT. Aluminium prices declined 0.4% or $8.5/MT to $1946.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7611, with the AUD trading 0.35% lower against the USD from Friday’s close, after Australia’s seasonally adjusted retail sales unexpectedly fell 0.1% MoM in February, defying market expectations for a rise of 0.3% and following a rise of 0.4% in the previous month.

Additionally, the nation’s AIG performance of manufacturing index eased to a level of 57.5 in March, compared to a reading of 59.3 in the prior month. On the other hand, the nation’s seasonally adjusted building approvals recorded an unexpected rise of 8.3% on a monthly basis in February, against market consensus for a drop of 1.0% and following a revised rise of 2.2% in the previous month.

The pair is expected to find support at 0.7591, and a fall through could take it to the next support level of 0.7572. The pair is expected to find its first resistance at 0.7646, and a rise through could take it to the next resistance level of 0.7682.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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