Aussie Retail Sales Bomb: Time to Sell - Forex News by FX Leaders

Aussie Retail Sales Bomb: Time to Sell

Posted Thursday, October 5, 2017 by
Rowan Crosby • 1 min read

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.

 

AUDUSD

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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