As discussed in FX Leaders Week Ahead, investors were looking for the Australian retail sales figures today. It’s out now and it has disappointed the market as the sales turnover was relatively unchanged (0.0%) in July 2018. Economists were expecting a growth of 0.3% in July.

AUD/USD – 4 Hour Chart

Technically speaking, the AUD/USD has plunged dramatically to test 0.7165 support and it’s trading right above the same. The doji and spinning top candles are suggesting that the sellers are exhausted now and bulls may be looming in the area.

So, be ready for it. The AUD/USD can bounce off above 0.7165 to complete 23.6% retracement at $0.7202 and 38.2% at $0.7225. Good luck!