AUD/USD back into recent lows, Aussie Retail Sales in focus

The Aussie is stepping into familiar lows ahead of an Australian Retail Sales release.
US NFP figures promise plenty of USD volatility to cap off the week.

Joshua Gibson FXStreet

The AUD/USD pair is trading into recent lows near 0.7360 after seeing further declines on Thursday from the 0.7400 technical level.

The Aussie peaked near 0.7440 after opening this week's action near 0.7400, but declines have dragged the AUD down into the red for the week, and a lop-sided Trade Balance release yesterday that showed declines in both Imports and Exports saw the pair slip further, and now the AUD/USD is looking down the barrel of another Non-Farm Payrolls release while sifting into familiar low levels as the major pair continues to consolidate within July's trading range.

Early Wednesday at 01:30 GMT will be seeing Australian Retail Sales, and the m/m figures for June are forecast to slip from 0.4% to 0.3% as confidence in Australian economic figures continues to wane.

AUD/USD Levels to watch

The Aussie is entrenched firmly within a consolidation range, and as FXStreet's own Valeria Bednarik noted, buying interest continues to step in from July's swing lows: "technically, the pair is at the lower end of its range, pointing to test the 0.7300 region where strong buying interest has surged multiple times these last few weeks. Shorter term, and according to the 4 hours chart, the risk is skewed to the downside although lacking momentum, as the pair is developing below converging moving averages, while technical indicators stabilized well into negative territory."

Support levels: 0.7330 0.7300 0.7250

Resistance levels: 0.7400 0.7445 0.7485

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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