FxWirePro: AUD/USD ignores poor Australian Retail Sales data, hovers around 15-month high above 0.71 handle amid risk-on

AUD/USD chart - Trading View 

AUD/USD is consolidating previous session's spike. The pair was trading mildly higher at 0.7136 at around 03:30 GMT.

The antipodean has ignored downbeat Australian Retail Sales data and continues to remain buoyed near 15-month high amid risk-on across markets.

Data released earlier today showed the preliminary readings of Australian Retail Sales for June slipped to 2.4%, missing expectations at 7.1% and in stark contrast to the last month’s jump of 16.9%. 

The major is extending a four-day winning streak amid risk-on sentiment. Also, the surge in precious metals adds to the pair’s strength.

Technical bias is strongly bullish. Momentum with the bulls. RSI strong above 60. MACD and ADX support gains.

Price action has broken above weekly cloud and bulls are on track to test 200W MA at 0.7261.

Major Support Levels: 0.6972 (21-EMA), 0.6684 (200-DMA)

Major Resistance Levels: 0.7131 (61.8% Fib), 0.7261 (200W MA)

Summary: Technical studies and fundamental analysis support further gains in the pair. Watch out for virus headlines for fresh impetus amid lack of major data/events. Scope for test of 200W MA at 0.7261. Failure to hold above 21-EMA could see some weakness. Shift in trend only below 200-DMA.