More Weak Data for the AUD/USD
Rowan Crosby • 1 min read
The AUD/USD has run into trouble on the back of yesterdays terrible miss with GDP and rightfully so.
Markets were looking to see if the AUD/USD could back it up today but again it appears that the data trend for the moment is quite weak.
Retail sales come out in line with expectations at 0.3%, however, the trade balance appears to have taken a bit of a hit. That came out at 2.361B vs 3.1B expected.
Given the backdrop of a what’s going on in world markets, I feel that we might have a bit more downside ahead. The risk-off feel is gaining steam and it looks like we are headed for another weak day on Wall Street to add to Tuesday’s carnage.
Now that 0.7300 has gone, my next downside target is 0.7200. Given the price action this morning, I feel like we are slowly gaining some steam here.
I won’t be long the AUD/USD anytime soon.