- AUD prints session highs above 0.72 following a better-than-expected Aussie retail sales release.
- The pair is struggling to find acceptance above 0.72 and could feel the pull of gravity during the day ahead as both the USD/CNH pair and gold are hinting at a recovery rally in the US dollar.
The AUD/USD pair jumped to a session high of 0.7204 following the release of an upbeat Aussie retail sales data.
The consumption, as represented by retail sales, rose 0.4 percent month-on-month in November, beating the estimated print of 0.3 percent, according to Australian Bureau of Statistics (ABS). In annualized terms, the retail sales rose 3.6 percent.
Despite the above-forecast print, the AUD managed to add only 12 pips and is struggling to find acceptance above the psychological level of 0.72, possibly due to the minor bounce in the USD/CNH pair. Currently, that pair is trading at 6.79, having clocked a low of 6.77 yesterday.
Moreover, a convincing break above 0.72 could remain elusive, as the offshore Chinese yuan - the anchor for FX markets - is looking overbought on the short duration technical charts. As a result, the USD/CNH pair could see a stronger bounce, helping the US dollar regain some poise across the board.
The gold market is also showing similar signs. The yellow metal, which usually leads other currencies, is showing signs of bullish exhaustion near $1,300. Put simply, a corrective bounce in the US dollar is overdue.
As of writing, the AUD/USD pair is trading at 0.7190.
AUD/USD Technical Levels
Today Last Price: 0.7196
Today Daily change: 12 pips
Today Daily change %: 0.167%
Today Daily Open: 0.7184
Previous Daily SMA20: 0.7095
Previous Daily SMA50: 0.7188
Previous Daily SMA100: 0.7178
Previous Daily SMA200: 0.7333
Previous Daily High: 0.7198
Previous Daily Low: 0.7146
Previous Weekly High: 0.7125
Previous Weekly Low: 0.6684
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7178
Previous Daily Fibonacci 61.8%: 0.7166
Previous Daily Pivot Point S1: 0.7153
Previous Daily Pivot Point S2: 0.7123
Previous Daily Pivot Point S3: 0.7101
Previous Daily Pivot Point R1: 0.7206
Previous Daily Pivot Point R2: 0.7228
Previous Daily Pivot Point R3: 0.7258
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.