FxWirePro: AUD/USD slips below 0.76 handle, Aussie depressed after downbeat Retail Sales and cautiously optimistic RBA's SOMP

AUD/USD chart - Trading View 

AUD/USD has slipped below 0.76 mark and was trading 0.09% lower on the day at 0.7592 at around 05:00 GMT.

The Australian dollar remains depressed after downbeat Australia Retail Sales data and a cautiously optimistic RBA's statement.

Data released earlier on Friday showed Australia’s Retail Sales for December printed at -4.1% MoM versus -4.2% preliminary readings and +7.1% previous readings. 

In its SOMP, the RBA said, the Bank does not expect to hit its inflation & jobs goals until 2024 at the earliest, hinting that interest rates are unlikely to rise any time soon. 

Markets remain cautious ahead of the US Non-farm Payrolls report for January. A larger-than-expected decline in U.S. jobless claims overnight raise expectations of a positive surprise on Friday's NFP.

Near-term technical bias has turned bearish. Price action has slipped below 50-DMA. Next major major support lies at daily cloud at 0.7529.

Momentum indicators are biased lower. Volatility is rising. Break into daily cloud will drag prices lower.