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Above-forecast Aussie retail sales push AUD/USD above 0.72

  • Aussie prints session highs above 0.72 following a better-than-expected Aussie retail sales data release.
  • The USD/CNH pair (offshore yuan exchange rate) is showing signs of life. That could be capping the upside in the AUD/USD pair.

The AUD/USD pair jumped to a session high of 0.7204 following the release of an upbeat Aussie retail sales data.

The consumption, as represented by retail sales, rose 0.4 percent month-on-month in November, beating the estimated print of 0.3 percent, according to Australian Bureau of Statistics (ABS). Tannualizedsed figure came-in at 3.6 percent.

Despite the above-forecast print, the AUD managed to add only 12 pips and is struggling to find acceptance above the psychological level of 0.72.

The upside is likely being capped by the minor bounce in the USD/CNH pair. Currently, that pair is trading 6.79, having clocked a low of 6.77 yesterday.  Moreover, the offshore Chinese yuan - the anchor for FX markets - is looking overbought on the short duration technical charts.

AUD/USD

Overview:
    Today Last Price: 0.7196
    Today Daily change: 12 pips
    Today Daily change %: 0.167%
    Today Daily Open: 0.7184
Trends:
    Previous Daily SMA20: 0.7095
    Previous Daily SMA50: 0.7188
    Previous Daily SMA100: 0.7178
    Previous Daily SMA200: 0.7333
Levels:
    Previous Daily High: 0.7198
    Previous Daily Low: 0.7146
    Previous Weekly High: 0.7125
    Previous Weekly Low: 0.6684
    Previous Monthly High: 0.7394
    Previous Monthly Low: 0.7014
    Previous Daily Fibonacci 38.2%: 0.7178
    Previous Daily Fibonacci 61.8%: 0.7166
    Previous Daily Pivot Point S1: 0.7153
    Previous Daily Pivot Point S2: 0.7123
    Previous Daily Pivot Point S3: 0.7101
    Previous Daily Pivot Point R1: 0.7206
    Previous Daily Pivot Point R2: 0.7228
    Previous Daily Pivot Point R3: 0.7258

 

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