As 4castweb.com notes: “On FX, AUD/USD back down, as some focus on the downward revision in July's building approvals to -21.2%, thus canceling out the upside surprise for the August number. This coupled with the weaker +0.2% retail sales rebound from -0.8% in July, vs 0.4% expected, to trigger more selling in AUD/USD,” the analysts say, adding: “Concerns over slowing retail trade, economy and housing markets - and the commodities prices, falling demand - to see further RBA rate cuts ahead,” they conclude. AUD/USD is already a -0.34% for the session alone, mounting to some -1.86% loss for the week so far.
Immediate support to the downside for AUD/NZD comes at yesterday's lows 1.2398, followed by Monday's and fresh 1-year lows at 1.2369, and Aug 2011 2-year lows at 1.2316. To the upside, nearest term resistance shows at recent session highs and Monday lows at 1.2480, followed by Tuesday/weekly highs at 1.2535, and Sept 24 lows at 1.2570.