AUD/USD Price Analysis: Aussie drops to 0.7750, pausing three-day rally


  • 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

Trend: Neutral

Technical levels

AUD/USD

Overview
Today last price 0.7751
Today Daily Change -0.0013
Today Daily Change % -0.17
Today daily open 0.7764
 
Trends
Daily SMA20 0.7711
Daily SMA50 0.7546
Daily SMA100 0.736
Daily SMA200 0.7119
 
Levels
Previous Daily High 0.7783
Previous Daily Low 0.774
Previous Weekly High 0.7806
Previous Weekly Low 0.7665
Previous Monthly High 0.7743
Previous Monthly Low 0.7338
Daily Fibonacci 38.2% 0.7767
Daily Fibonacci 61.8% 0.7757
Daily Pivot Point S1 0.7742
Daily Pivot Point S2 0.772
Daily Pivot Point S3 0.7699
Daily Pivot Point R1 0.7785
Daily Pivot Point R2 0.7805
Daily Pivot Point R3 0.7827

 

 

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