AUD/JPY hovers near 38.2% Fib retracement after Aussie data

AUD/JPY remains under pressure near key Fibonacci retracement support.
Australia's Retail Sales fell by 4% in August.
Weakness in copper weighs over the Aussie dollar.

Omkar Godbole FXStreet Contributor

An above-forecast Aussie Retail Sales data released at 01:30 GMT on Friday failed to draw bids for the Aussie dollar, leaving AUD/USD in the red near 75.69 – the 38.2% Fibonacci retracement of the drop from Aug. 31 high to Sept. 24 low.

As represented by Retail Sales, consumer spending fell by 4% month-on-month in August versus the preliminary estimate and an expected decline of 4.2%.

However, while the data better estimates, it marked a significant deterioration in consumer spending from July's 3.2% increase.

As such, the data did little to lift the AUD pairs. The pair clocked a low of 75.60 during the early Asian trading hours, seemingly due to a decline in industrial metals and the risk-off tone in the equity markets.

Notably, copper, one of Australia's key exports, fell to $2.85, the lowest level since Aug. 17. Meanwhile, the S&P 500 futures fell by 0.20%.

Technical levels

AUD/JPY

Overview
Today last price	75.7
Today Daily Change	-0.12
Today Daily Change %	-0.16
Today daily open	75.82

Trends
Daily SMA20	76.08
Daily SMA50	76.22
Daily SMA100	74.97
Daily SMA200	72.87

Levels
Previous Daily High	76.05
Previous Daily Low	75.47
Previous Weekly High	76.39
Previous Weekly Low	73.97
Previous Monthly High	78.36
Previous Monthly Low	73.97
Daily Fibonacci 38.2%	75.83
Daily Fibonacci 61.8%	75.7
Daily Pivot Point S1	75.51
Daily Pivot Point S2	75.2
Daily Pivot Point S3	74.93
Daily Pivot Point R1	76.09
Daily Pivot Point R2	76.36
Daily Pivot Point R3	76.67

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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