Retails Sales Miss: AUD is a Sell
Rowan Crosby • 1 min read
Retail Sales have come out in Australia and unfortunately, they have missed the mark this month. There was no change (0.0%) versus a predicted 0.4% increase.
All that really does is confirm what we already thought. That the AUD is set for further declines. With the FOMC hinting that the US will raise rates next month, then I think we might have some more pain on the way.
With that in mind, I’ll keep looking for good levels to sell. I think the clear resistance level at the moment is 0.7720. We might need to drift a little higher to get that, given the weakness from retail sales, however, a poor jobs number might do the trick.
That’s a longer-term level for those looking for multiday plays.