- AUD/USD drops 0.16% on weak Aussie Retail Sales.
- The pair is still stuck in a two-week-long channel pattern.
AUD/USD is currently trading near 0.7750, representing a 0.16% drop on the day, having rallied for the third straight day on Thursday.
The losses seen at press time could be associated with the dismal Aussie Retail Sales data released at 00:30 GMT, which showed consumer spending declined more than expected in December.
However, despite the AUD's weakness, the immediate technical bias remains neutral. That's because the pair is still trapped in a channel pattern represented by trendlines connecting Jan. 6 and Jan. 14 highs and Jan. 11 and Jan. 18 lows.
A breakout would imply a continuation of the broader uptrend and shift risk in favor of a rally to 0.80. Alternatively, a channel breakdown would imply a bearish reversal.
Daily chart
-637468811713378551.png)
Trend: Neutral
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Forex News
Editors’ Picks
EUR/USD: ECB and US Treasury yields to make it or break it
The EUR/USD pair fell to a fresh 2021 low at 1.1892 this week, ending with a handful of pips above this level. The dollar soared across the board following comments from the head of US Federal Reserve Jerome Powell.
GBP/USD: Dollar bulls taking over
The British Pound was among the best performers against the greenback, surging above the 1.4000 level for the first time this week. Soaring US Treasury yields after Powell’s speech sent the dollar skyrocketing. GBP/USD struggling around 1.3900 and at risk of falling further.
Gold still eyes June 2020 lows at $1670 after weekly closing below $1700
Weekly closing below $1700 keeps the XAU/USD sellers hopeful. A bounce towards 50-SMA on 4H cannot be ruled out in the near-term. RSI stays bearish while gold holds within a potential falling wedge.
Ethereum price primed for a swift recovery as the network prepares for a major update in July
Ethereum price aims for a significant recovery towards $2,000. A major upgrade scheduled for July intends to fix the problem with gas fees on Ethereum. ETH miners are not happy with the decision.
US Dollar Index pushes higher to 92.20 on stellar Payrolls
The march north in the greenback remains unabated and trade in fresh 2021 highs beyond the 92.00 hurdle when tracked by the US Dollar Index (DXY).