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9 Jan 2015
AUD/USD pressures mounting on Retail Sales miss
FXStreet (Barcelona) - AUD/USD was being pressured to the downside while the recent Retail Sales disappointed for the Australian economy.
Retail sales for November and month on month read at 0.1% vs 0.2% expected and lower than the previous 0.4%. Meanwhile, the greenback is stalling on its momentum in the broader picture and while there is less conviction from the bears ahead of critical levels, risk of demand from the bulls could create a period of profit taking.
That said, it would be too early to call ahead of the Nonfarm Payrolls showdown coming up later in the US shift and a continued display of strong labour markets into the year's close could be the catalyst for renewed upside in the Greenback which could bring the recent lows (0.8032) in the Aussie back into play ahead of the double Fibonacci support at 0.7950/30.
Retail sales for November and month on month read at 0.1% vs 0.2% expected and lower than the previous 0.4%. Meanwhile, the greenback is stalling on its momentum in the broader picture and while there is less conviction from the bears ahead of critical levels, risk of demand from the bulls could create a period of profit taking.
That said, it would be too early to call ahead of the Nonfarm Payrolls showdown coming up later in the US shift and a continued display of strong labour markets into the year's close could be the catalyst for renewed upside in the Greenback which could bring the recent lows (0.8032) in the Aussie back into play ahead of the double Fibonacci support at 0.7950/30.