AUD/USD chart - Trading View
AUD/USD was trading largely rangebound on the day with session high at 0.7215 and low at 0.7183.
Data released earlier today showed Australia Retail Sales which is key to the Reserve Bank of Australia as they assess for signs of improvement in the economy, beat expectations.
The preliminary readings of Australia’s July month Retail Sales suggest an upbeat scenario with 3.3% MoM gains.
Details of the report from the Australian Bureau of Statistics (ABS) showed that retail turnover rose in all states and territories except Victoria in July.
Upbeat data failed to impress bulls in the pair. Price action depressed below 0.72 handle.
Major trend is bullish and 21-EMA offers strong support at 0.7153. Weakness only on break below.
On the flipside, resumption of upside will see test of major resistance at 0.7252 (200W MA). Decisive break above eyes 78.6% Fib at 0.7573.
