The Aussie has been holding up quite well and bouncing off the 78 cent level. Below that it appears that there is plenty of room to the downside. Overnight my buddy Shain detailed a few key areas that might just provide resistance for the AUD.

This morning retail sales data has been released and it’s been a big miss. It turns out things aren’t too rosy at all at the moment. As such I think we might get some more momentum to the downside and potentially a test of the 78 cent level.

In the short-term, the 0.7860 level is one that the AUD just can’t break, so I’ll be looking to sell any pops.

AUD/USD – 240 min Chart.