13 Aug 2015
AUD/USD stays at lows after US retail sales
FXStreet (Córdoba) - AUD/USD inched lower and posted a fresh daily low as the greenback reacted positively to US retail sales data, fueling expectations of a September rate hike by the Fed.
US retail sales rebounded in July, rising 0.6% from a month earlier and beating expectations of a 0.5% increase. Excluding autos, sales grew 0.4%, slightly below the 0.5% of forecast.
AUD/USD dropped a few pips and scored a low of 0.7325 immediately after the release, but the US dollar failed to pick up momentum. At time of writing, the pair is trading at 0.7337, still % below its opening price.
The Aussie wavered sharply during the Asian session after another yuan devaluation by the People’s Bank of China, with the bank indicating that the adjustment is nearly complete.
AUD/USD levels to watch
As for technical levels, AUD/USD could find next supports 0.7300 (psychological level), 0.7283 (Aug 11 low) and 0.7215 (6-year low Aug 12). On the upside, resistances line up at 0.7400/08 (psychological level/Aug 13 high), 0.7438 (Aug 11 high) and 0.7488 (Jul 15 high).
US retail sales rebounded in July, rising 0.6% from a month earlier and beating expectations of a 0.5% increase. Excluding autos, sales grew 0.4%, slightly below the 0.5% of forecast.
AUD/USD dropped a few pips and scored a low of 0.7325 immediately after the release, but the US dollar failed to pick up momentum. At time of writing, the pair is trading at 0.7337, still % below its opening price.
The Aussie wavered sharply during the Asian session after another yuan devaluation by the People’s Bank of China, with the bank indicating that the adjustment is nearly complete.
AUD/USD levels to watch
As for technical levels, AUD/USD could find next supports 0.7300 (psychological level), 0.7283 (Aug 11 low) and 0.7215 (6-year low Aug 12). On the upside, resistances line up at 0.7400/08 (psychological level/Aug 13 high), 0.7438 (Aug 11 high) and 0.7488 (Jul 15 high).