AUD Trying to Break Through the Early 80’s
|S1: 0.7900||R1: 0.8010|
|S2: 0.7870||R2: 0.8028|
|S3: 0.7807||R3: 0.8063|
The AUD popped its head above the 80 cent resistance level on Monday night as traders were pricing in a better GDP figure moving the consensus from 0.8% q/q to 0.9%.
The figure came in at 0.8% resulting in the AUD being offered half a cent lower in the immediate aftermath.
Though the AUD broke through the previous resistance at 0.80 it didn’t stay there long – quickly coming back down after the GDP miss. The new short term resistance levels look to be about 10 pips higher from Tuesday at 0.80 10. Despite the poor data misses, the Aussie is still trading above the 14-day moving average and RSI at 50+.
Momentum looks to be well in control of AUD bulls with the AUD being bid at every opportunity, though it doesn’t look like it will be able to sustain any real-time above 0.80 10.
Retail Sales and Trade Balance figures were released today with both figures coming in lower than expected. The trade balance number was significantly off with consensus at + 930 m with the actual figure coming in at + 460m. The value of exports fell by 2.0% and the value of imports fell by 1.0%. Retail sales were expected to come in at 0.2% but came in flat with no change.