FxWirePro: Slight bearish bias in AUD/USD post retail sales miss, uptrend intact
Data released earlier today showed that the Australian retail sales data came in below estimates, but poor data had little impact on Aussie bulls. Australia retail trade rose 0.3% in Jan, missing expectations for a growt…
Data released earlier today showed that the Australian retail sales data came in below estimates, but poor data had little impact on Aussie bulls.
Australia retail trade rose 0.3% in Jan, missing expectations for a growth of 0.4%. Meanwhile, Australian turnover rose 4.0% in January 2016 compared with January 2015.
AUD/USD slightly lower from session highs at 0.7376, is currently trading around 0.7362 levels.
The pair has broken next major resistance at 0.7320 levels (trendline connecting 0.7336 - Dec 1st high, 0.7334 - Dec 10th, 0.7327 - Dec 31st high).
Doji formation is Asian session, technicals support further upside in the pair, momentum is higher.
0.7320 (trendline) is immediate support on the downside ahead of 0.7281 (Mar 3rd low) and then 0.7264 (5-DMA).
On the upside resistances are located at 0.7382 (Oct 12th 2015 high) and then 0.7385 (Dec 4th 2015 high).
