Above-forecast Aussie retail sales push AUD/USD above 0.72

  • 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

AUD/USD

Overview:
    Today Last Price: 0.7196
    Today Daily change: 12 pips
    Today Daily change %: 0.167%
    Today Daily Open: 0.7184
Trends:
    Previous Daily SMA20: 0.7095
    Previous Daily SMA50: 0.7188
    Previous Daily SMA100: 0.7178
    Previous Daily SMA200: 0.7333
Levels:
    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

 

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