FXstreet.com (Barcelona) - The AUD/USD, after trading in a timid fashion post Australian data, which came short of surprising the market either way, has just been hit by a fresh round of selling orders, resulting on the price to break into new lows. The apparent Asian range between 1.0234 and 1.0196 seems to be breaking out.
Retail sales came at +0.2% in Aug vs +0.4% expected while Aug building approvals rose by 6.4% vs 4.7% estimated had been pointing at. Overall, it is an inconclusive data, with no much to read into it to help gauge the next move by the RBA in November. Market continues to price chances of another cut next month at almost 80%.
As exposed in the latest technical report on the Australian Dollar, the 1.0235 remains immediate hourly resistance, while a break below yesterday's low (confirmed) threatens 1.0165; below, and allowing some 0.2/0.3% filter, bears may start getting all excited calling for a major double top around 1.0600.
Retail sales came at +0.2% in Aug vs +0.4% expected while Aug building approvals rose by 6.4% vs 4.7% estimated had been pointing at. Overall, it is an inconclusive data, with no much to read into it to help gauge the next move by the RBA in November. Market continues to price chances of another cut next month at almost 80%.
As exposed in the latest technical report on the Australian Dollar, the 1.0235 remains immediate hourly resistance, while a break below yesterday's low (confirmed) threatens 1.0165; below, and allowing some 0.2/0.3% filter, bears may start getting all excited calling for a major double top around 1.0600.
