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FxWirePro: Aussie dumped on dismal retail sales and trade data, AUD/USD hits 4-week low of 0.7855

  • AUD/USD hit 4-week lows of 0.7855 as Aussie was dumped across the board on dismal retail sales and trade data.
     
  • Australia retail sales dropped 0.5 percent in December, missing market expectations for a 0.2 percent drop.
     
  • Further, the trade balance recorded a deficit of AUD 1.36 billion in December compared to the AUD 0.2 billion surplus.
     
  • The pair has broken support at 38.2% Fib at 0.7893 and we see scope for test of next major support at 0.7825 (200W-SMA).
     
  • Violation there will see test of 0.7746 (nearly converged 200-DMA and 61.8% Fib).
     
  • Technical studies are highly bearish, focus now on RBA monetary policy decision for further impetus.
     
  • The RBA likely to stay pat, while commentary will be keenly watched for cues.

Support levels - 0.7825 (200W-SMA), 0.78, 0.7746 (200-DMA)

Resistance levels - 0.7893 (38.2% Fib retrace of 0.7501 to 0.8135 rally), 0.7952 (5-DMA), 0.7983 (20-DMA)

Recommendation: Good to go short on rallies around 0.7880/0.79, SL: 0.7985/ TP: 0.7825/ 0.78/ 0.7745

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May 24 08:30 UTC Released

GBRetail Sales YY

Actual

1.4 %

Forecast

0.1 %

Previous

1.1 %

May 24 08:30 UTC Released

GBFuel YY

Actual

1.5 %

Forecast

0.1 %

Previous

1.1 %

January 31 00:00 UTC 163328163328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 163328163328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 175148175148m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 163328163328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 175148175148m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 163328163328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 163328163328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 163328163328m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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