4 Mar 2016
AUD/USD bearish bias post retails
AUD/USD has not given us much price action on the release of the retails sales for the Australian economy while we await the main event in nonfarm payrolls coming up in the US session to close the week down.
The Australian Bureau of Statistics showed that the Australian retail sales data came in below estimates. Dhwani Mehta, analyst at FXStreet noted the detail in the data, "The retail trade rose 0.3% in Jan, following no growth (0.0%) reported in Dec and a rise of 0.4% in Nov. Markets had predicted a growth of 0.4% in Jan. Meanwhile, Australian turnover rose 4.0% in January 2016 compared with January 2015."
AUD/USD levels
Technically, AUD/USD has been on the recovery from below the 0.72 handle. Yesterday, the pair penetrated the 200 dma at 0.7253 and could be set on testing the recent resistance and previous double top at 0.7382. Though there, 0.7439 is a key objective on the cards as the August 2015 highs. 0.7320 below is a key supporting area.
The Australian Bureau of Statistics showed that the Australian retail sales data came in below estimates. Dhwani Mehta, analyst at FXStreet noted the detail in the data, "The retail trade rose 0.3% in Jan, following no growth (0.0%) reported in Dec and a rise of 0.4% in Nov. Markets had predicted a growth of 0.4% in Jan. Meanwhile, Australian turnover rose 4.0% in January 2016 compared with January 2015."
AUD/USD levels
Technically, AUD/USD has been on the recovery from below the 0.72 handle. Yesterday, the pair penetrated the 200 dma at 0.7253 and could be set on testing the recent resistance and previous double top at 0.7382. Though there, 0.7439 is a key objective on the cards as the August 2015 highs. 0.7320 below is a key supporting area.