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FxWirePro: AUD/USD extends previous session's weakness, aussie shrugs off upbeat Australian Retail Sales data
AUD/USD chart - Trading View
AUD/USD was trading 0.21% lower on the day at 0.7706 at around 05:10 GMT, outlook bearish.
The pair is extending previous session's weakness and has largely ignored a big beat on the Australian Retail Sales data.
Australia’s preliminary Retail Sales for March grew 1.4% month-on-month versus 1.0% expected and -0.8% previous contraction.
Earlier in the day, Australia’s Westpac Leading Index rose past-0.01% month-on-month to 0.38%.
Upbeat data failed to lift aussie as market sentiment remains sluggish amid covid fears. Risk aversion mainly dents the bulls.
Technical indicators are turning bearish after price action was rejected at daily cloud. RSI has turned and Stochs are on verge of bearish rollover from overbought levels.
Major trend in the pair is neutral. However, break below 55-EMA support will open downside.