AUD/USD: Australian Dollar Trading Higher After Retail Sales And Trade Data

AUD/USD: Australian Dollar Trading Higher After Retail Sales And Trade Data

For the 24 hours to 23:00 GMT on Friday, the AUD weakened 0.73% against the USD to close at 1.0337.

On the economic front, producer prices in Australia rose less-than-expected by 0.6% in the Q3 FY2012 compared to a 0.5% increase recorded in the Q2 FY2012.

LME Copper prices declined 0.6% or $45.5/MT to $7765.3/MT. Aluminium prices rose 1.5% or $28.5/MT to $1936.8/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0363, with the AUD trading 0.25% higher from Friday’s close.

Data released this morning in Australia showed that retail sales rose a seasonally adjusted 0.5% (MoM) in September, against the expectations for a 0.4% increase and following the upwardly revised 0.3% increase in August. Meanwhile, the seasonally adjusted merchandise trade deficit stood at A$1.456 billion in September, from the upwardly revised deficit of A$1.876 billion in August. Moreover, the AiG performance of services index rose to 42.8 in October, from 41.9 in the previous month.

The pair is expected to find support at 1.0329, and a fall through could take it to the next support level of 1.0296. The pair is expected to find its first resistance at 1.0398, and a rise through could take it to the next resistance level of 1.0433.