Forex: AUD/USD, sellers step in to negate 1.0530; downbeat Australia retail sales

FXstreet.com (Barcelona) - Following a first push up past layer of resistance at 1.0515, which saw a new session high at 1.0521 after upbeat Australia Nov HIA New Private Home Sales, up 4.7% vs 3.4% Oct, the pair is now giving back its early gains on disappointment about Australia Retail Sales, down 0.1% in Nov vs +0.4% expected.

AUD/USD has pullbacked to dynamic support around 1.0495, cross of the 20EMA on the hourly chart, before some buyers stepped in trying to stabilize the rate but sellers remain in control, rate at 1.0490 now.

Reported stops above 1.0530 by IFR Market were in focus ahead of the release, although these were saved for now, as an extension of the current range between 1.0470 and 1.0520/30 seems at the moment the most likely scenario in the remaining Asian session, with risk skewed to test bids at 1.0470 if anything. AUD/USD needs a clear break above 1.0530 to aim at 1.0585.  

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