FxWirePro: AUD/USD gains some upside momentum but still bearish
AUD/USD found renewed bearish momentum on Thursday as the pair was weighted down by domestic data and falling oil prices. Retail sales for the month of April declined slightly to print at 0.2 percent, undershooting expec…
AUD/USD found renewed bearish momentum on Thursday as the pair was weighted down by domestic data and falling oil prices.
Retail sales for the month of April declined slightly to print at 0.2 percent, undershooting expectations of a 0.3 percent, while the trade deficit narrowed to A$1.6 billion versus forecasts of a A$2 billion gap.
Currently the currency pair is trading around 0.7225 levels, it is set to decline further towards 0.7170 later towards 0.7140 levels in the short term.
Short pullback around 0.7275 should be taken as selling opportunities, as Australian dollar is weaker against the US dollar in intraday trading.
Strong support can be seen at 0.7144, a break below this level will expose the pair towards next support level located at 0.7100.
Major resistance can be seen at 0.7300, a break above this level will open the gates towards 0.7364 levels.
