FxWirePro: AUD/USD extends weakness, Aussie ignores upbeat Retail Sales data

Chart - Courtesy Trading View 

AUD/USD was trading 0.61% lower on the day at 0.7186 at around 06:10 GMT.

The pair fails to extend previous session's gains, slips lower amid rising risk-off across markets.

Price action has been rejected at 110-EMA in the previous week and has slipped below daily cloud.

Western countries imposed harsher sanctions on Russia in response to the latter’s invasion of Ukraine.

Risk-appetite sours as Russia-Ukraine brace for negotiations with rising fears of a nuclear war.

Russian and Ukrainian officials are set to meet at the border with Belarus, but Ukrainian President Volodymyr Zelenskiy is skeptical about the talks.

The Australian dollar has largely ignored upbeat Retail Sales data amid looming geopolitical concerns.

Data released earlier on Monday showed Australia’s Retail Sales rose by 1.8% MoM in January versus 0.4% expected and -4.4% prior.

Further, TD Securities Inflation for February printed at 0.5% and 3.5% MoM and YoY respectively, versus 0.4% and 2.8% priors. 

Also, Company Gross Operating Profits grew in Q4 to 2.0%, versus expectations of 0.3% growth and 4.0% previous readouts.

Technical bias is neutral with a bearish tilt. Decisive breakout above daily cloud could change near-term bias.