When is the Australian Retail Sales, and how could it affect the AUD/USD?
|Australian Retail Sales overview
Early Friday kicks things off with Australian Retail Sales figures at 00:30 GMT, and recently-fed Aussie bulls could be looking to maintain the AUD/USD's current long extension. Australia's seasonally-adjusted monthly Retail Sales figures are forecast to hold steady at their previous reading of 3.0%, and an as-expected showing or better will see AUD bidders remain in the fold heading into the week's end.
How could it affect the AUD/USD?
The AUD/USD could be leaning further into the bullish camp following Wednesday's break out of recent consolidation, and according to FXStreet's Valeria Bednarik, the Aussie could be primed for further moves higher as traders lean into an upside bias: "the bullish breakout after three weeks of consolidation favors continued gains ahead, although the rally stalled at a major static resistance, the 61.8% retracement of the September/October decline. Ahead of the Asian session and with the pair hovering around such Fibonacci retracement, the 4 hours chart shows that it has extended its advance above all of its moving averages, with the 20 SMA crossing above the 100 SMA in the 0.7100 price zone, while technical indicators entered overbought territory before losing upward strength, anyway holding near daily highs. Renewed buying interest beyond 0.7210 the pair has room to extend its advance up to 0.7250, a strong static resistance level. The bullish case will suffer only with a break below 0.7120."
Support levels: 0.7170 0.7120 0.7080
Resistance levels: 0.7210 0.7250 0.7290
Key notes
AUD/USD analysis: bullish breakout now targeting 0.7250
AUD/USD & NZD/USD Set To Outperform
AUDUSD Triggers Price Rally, Eyes More Strength
About the Australian Retail Sales
The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.
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