Technicals

Add as a preferred source on Google

FxWirePro: AUD/USD trades weaker despite upbeat Aussie Retail Sales, USD dollar rebound weighs

AUD/USD chart - Trading View AUD/USD was trading 0.32% lower on the day at 0.7559 at around 05:20 GMT, upside remains capped at 5-DMA. The pair slipped lower despite upbeat Australia Retail Sales data as risk tone remain…

1 min read
FxWirePro: AUD/USD trades weaker despite upbeat Aussie Retail Sales, USD dollar rebound weighs
Image from the original EconoTimes article

Read the original article

AUD/USD chart - Trading View 

AUD/USD was trading 0.32% lower on the day at 0.7559 at around 05:20 GMT, upside remains capped at 5-DMA.

The pair slipped lower despite upbeat Australia Retail Sales data as risk tone remains tepid amid renewed virus concerns.

Australian Retail Sales soared to +7.0% MoM, led by pre-Christmas shopping, suggesting that fourth-quarter economic growth will rebound strongly.

Aussie largely muted despite upbeat data as risk-off pertaining to the fears of prolonged and stricter lockdowns across the US and Europe weighed.

Major trend remains bullish, back-to-back 'Dragonfly Doji' formations on the daily candles suggest market reluctance to take prices lower.

Price action is currently holding support at 200H MA at 0.7556. Decisive break below could change near-term dynamics.
 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560