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6 May 2013
Forex: AUD/USD edges lower after weak Aussie retail sales number
FXstreet.com (Barcelona) - The Aussie is trading lower during Asia trade, down 23 pips at 1.0285. Early in the session, the pair traded as high as 1.0306 has since fallen after the Aussie Retail Sales figures came in below estimates. HSBC China PMI will be released at 1:45GMT.
According to analysts at FXStreet.com, “Australia March retail sales came below expectations at -0.4% vs. expectation of +0.2%. The immediate reaction of the Aussie was to sell-off over 30 pips.”
From a technical perspective, the FXStreet.com Trend Index remains strongly bullish on the 1 hour chart, while the OB/OS Index reads neutral. Initial support sits at 1.0275 (previous resistance, now support on 1 hour chart), followed by 1.0245 (lower end of consolidation base on 1 hour chart). Initial resistance sits at 1.0330 (previous support, now resistance on 1 hour chart), followed by 1.0345 (the 20dma).
According to analysts at FXStreet.com, “Australia March retail sales came below expectations at -0.4% vs. expectation of +0.2%. The immediate reaction of the Aussie was to sell-off over 30 pips.”
From a technical perspective, the FXStreet.com Trend Index remains strongly bullish on the 1 hour chart, while the OB/OS Index reads neutral. Initial support sits at 1.0275 (previous resistance, now support on 1 hour chart), followed by 1.0245 (lower end of consolidation base on 1 hour chart). Initial resistance sits at 1.0330 (previous support, now resistance on 1 hour chart), followed by 1.0345 (the 20dma).