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AUD/USD: Upside capped by 0.7200 on retail sales miss

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The AUD/USD pair keeps its corrective mode intact in Asia below 0.72 handle, although remains poised to book third consecutive weekly rise.

    AUD/USD re-attempts 0.72 handle

    Currently, the AUD/USD pair trades -0.19% lower at 0.7186, retreating slightly from session lows struck at 0.7173 in early Asia. The Aussie has spent last few hours consolidating below 0.72 handle and now tries hard to regain the last amid broad based US dollar recovery and risk-off market profile.

    The AUD/USD pair retreated from multi-week tops and fell in the red this session after the bulls were hit by worse than expected Aus retail sales data. Retail sales in Australia remained unchanged in Dec after climbing 0.4% in November, coming in much weaker than the market forecast of a 0.5% increase. Moreover, the RBA’s Statement of Monetary Policy offered no new surprises and turned out to be a non-event, having virtually no impact on the AUD/USD pair.

    Next on tap today is the crucial US employment data, the NFP report, which will have major influence on the USD moves and hence, on the Aussie pair.

    AUD/USD Levels to watch

    The pair finds the immediate resistance at 0.7218/25 (Jan 5 High/ 200-DMA) above which gains could be extended to the next hurdle located at 0.7246/50 (Feb 4 High/ psychological levels). On the flip side, the immediate support located at 0.7153 (100-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7113/10 (1h 100-SMA/ 50-DMA).
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