An above-forecast Aussie retail sales reading is not helping the Aussie dollar. US-China trade war fears, yuan slide, and a broad-based USD rally are likely capping the upside in the AUD. A better-than-expected Australia retail sales release seems has failed to put a strong bid under the Aussie dollar. The currency pair jumped 15 pips to a high of 0.7375 a few minutes ago as the June’s seasonally-adjusted retail sales reading for Australia came in at 0.4 percent, beating the estimated drop to 0.3 percent from the previous month’s print of 0.4 percent. However, the gains were quickly erased as a better-than-expected retail sales reading, though a good news, is not enough to counter the negative impact of escalating US-China trade tensions and the resulting sell-off in the Chinese yuan. Looking forward, the trade tensions will likely keep the AUD under pressure. Further, the EUR/USD has witnessed a downside break of the 1.5-month long pennant pattern and risks deeper sell-off. That would only fuel to the broad-based dollar rally. As of writing, the AUD/USD is trading largely unchanged on the day at 0.7360, having dropped 0.6 percent on Thursday. AUD/USD Technical Levels Support: 0.7355 (previous day’s low), 0.7318 (July 20 low), 0.73 (psychological level) Resistance: 0.7391 (5-day moving average), 0.7449 (50-day moving average), 0.7484 (July 10 high) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s Caixin services PMI drops to 52.8 in July, a big miss FX Street 5 years An above-forecast Aussie retail sales reading is not helping the Aussie dollar. US-China trade war fears, yuan slide, and a broad-based USD rally are likely capping the upside in the AUD. A better-than-expected Australia retail sales release seems has failed to put a strong bid under the Aussie dollar. The currency pair jumped 15 pips to a high of 0.7375 a few minutes ago as the June's seasonally-adjusted retail sales reading for Australia came in at 0.4 percent, beating the estimated drop to 0.3 percent from the previous month's print of 0.4 percent. However, the gains were quickly… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
