The Australian dollar made a sharp decline against the greenback today as people expect that the Reserve Bank of Australia will cut benchmark interest rates later this week.
During the morning Asian trade today, the currency pair AUDUSD was traded at 1.0408, which is decline with 0.18%, higher from the session bottom of 1.0393 and away from the top of 1.0432.
The currency pair AUDUSD is supposed to test support at 1.0338, which is bottom from November 21, and resistance at 1.0432, an earlier peak.
Official data from today showed that gross operating profits at Australian companies decreased more than expected in the third quarter.
The Australian Bureau of Statistics released a report claiming that Australian CGOP made a decline with 2.9% in the third quarter after contracting 0.3% in the preceding quarter whose figure was revised up from a contraction of 0.7%.
Experts foresee that the Australian CGOP will be limited by 2.5% in the last quarter.
Besides, the Australian retail sales were disappointing.
The Australian Bureau of Statistics reported that the Australian retail sales stayed unchanged in October after gaining 0.5% in September.
In the same time, the Australian dollar was traded lower against the euro and against the yen, with EURAUD reaching 1.2528 and AUDJPY going down at 85.74.
Level of support for AUDUSD: 1.0338
Level of resistance for AUDUSD: 1.0432