AUD/USD: Sellers elusive after weak Aussie Retail Sales


  • AUD/USD ignores weak Aussie data, remains flat near 0.7765. 
  • Australia's consumer spending contracted more than expected in December. 

The weaker-than-expected Aussie Retail Sales data fail to elicit a bearish reaction from the Aussie dollar. AUD/USD remains flatlined near 0.7765. 

As represented by Retail Sales, Australia's consumer spending rose fell by 4.2% month-on-month in December versus expectations for a 1.5% drop following November's 7.1% growth. The decline in consumer spending during the holiday season puts a question mark on the strength of the recovery from the coronavirus crisis and validates the Reserve Bank of Australia's dovish stance. So far, however, the AUD sellers have remained on the sidelines. 

The data has come a day after the Australian Bureau of Statistics reported that the economy added 50K jobs in December, pushing the jobless rate down to a multi-month low of 6.6%. The Aussie dollar ticked higher on Thursday on the back of upbeat labor market data and continued demand for risk assets. The S&P 500 marked new record highs on Thursday and the NASDAQ enjoyed strong gains on the back of outperformance across the tech sector, keeping the anti-risk US dollar under pressure. 

The Federal Reserve has recently squashed talks of an early QE taper. Meanwhile, markets are expecting generous fiscal spending under Joe Biden's presidency. As such, the path of least resistance for AUD/USD appears to be on the higher side. 

Analysts foresee resistance on moves approaching 0.78 and 0.7820 with support intact on moves below 0.7650. 

Technical levels

AUD/USD

Overview
Today last price 0.7766
Today Daily Change 0.0002
Today Daily Change % 0.03
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

 

 

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.

Feed news

Latest Forex News


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.

EUR/USD News

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.

GBP/USD News

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.

Gold News

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.

Read more

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).

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures