AUD/USD pops over 0.74 on upbeat Australian Retail Sales
- Retail Sales, Trade Balance come in mixed, but traders pick up the better than expected Retail Sales.
- Trade Balance unexpectedly slumps to $827 million.
The AUD/USD is bumping over the 0.7400 key barrier after the Aussie Retail Sales came in better than expected, printing at 0.4% and remaining steady with the previous reading, shrugging off the market's expected contraction to 0.3%.
The Australian Trade Balance failed to beat expectations, coming in at $827 million versus the expected $1.2 billion, though Aussie bulls are shrugging off the mixed reading and instead focusing on the positive showing for the Retail Sales figure, with the AUD/USD peaking at a new high for the week at 0.7424.
AUD/USD levels to watch
With the pair popping into new highs, resistance for the bulls will be sitting at the two week high of 0.7440, while support is still sitting at the last intraday swing low of 0.7370 and this week's current low at 0.7310.
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.
