AUD/USD turns red on subdued Australian Retail Sales

  • AUD/USD drops on weak Aussie retail sales data. 
  • Australia's retail sales growth slowed to 0.2% in September, as expected. 
  • The losses could be short-lived as RBA is unlikely to cut rates before the year's end. 

The bid tone around the Australian Dollar weakened, leading to a drop in the AUD/USD pair after the official data showed the Australian consumer spending growth slowed in October. 

Australia's consumer spending, as represented by Retail Sales rose 0.2% month-on-month in September following August's 0.4% rise, the Australian Bureau of Statistics reported at 00:30 GMT. The data was tipped to show the retail sales growth slowed to 0.2%.

The AUD/USD pair, which recovered from 0.6907 to 0.6917 ahead of the retail sales, fell back to 0.6904 following the release of the key data. 

The drop, however, could be short-lived, possibly because the Reserve Bank of Australia is unlikely to feel pressured to cut rates next month, as the data released last week showed the economy added 26,200 full-time jobs in September and the jobless rate fell to 5.2%, from a one-year peak of 5.3%, the first drop since February when it got as low as 4.9%.

Further, the TD Securities Inflation data released at 00:00 GMT also matched estimates by printing at 1.5% year-on-year and 0.1% month-on-month. Further, the US-China trade optimism could also put a bid under the AUD during the day ahead. As of writing, the pair is trading at session lows near 0.6904. 

Technical levels


Today last price 0.6904
Today Daily Change 0.0003
Today Daily Change % 0.04
Today daily open 0.6913
Daily SMA20 0.6816
Daily SMA50 0.6799
Daily SMA100 0.685
Daily SMA200 0.6955
Previous Daily High 0.6922
Previous Daily Low 0.6883
Previous Weekly High 0.693
Previous Weekly Low 0.681
Previous Monthly High 0.693
Previous Monthly Low 0.667
Daily Fibonacci 38.2% 0.6907
Daily Fibonacci 61.8% 0.6898
Daily Pivot Point S1 0.689
Daily Pivot Point S2 0.6867
Daily Pivot Point S3 0.6851
Daily Pivot Point R1 0.6929
Daily Pivot Point R2 0.6945
Daily Pivot Point R3 0.6968



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