- AUD/USD is seeing little action after a mixed batch of Aussie data.
- Australia Retail sales rebounded in January, but at a weaker pace than expected.
- Aussie Trade balance widened more than expected in January, as exports jumped 5 percent.
AUD/USD is reporting marginal gains at press time as Aussie trade data has bettered estimates.
The trade balance widened to A$4.5 billion in January from A$3.681 billion in December. The actual figure also bettered the expected surplus of A$3.00 billion.
Exports jumped 5 percent following a 2 percent slide in December, while imports increased 3 percent, having dropped 6 percent in December.
Meanwhile, retail sales rose 0.1 percent month-on-month in January but missed the median economist forecast looking for an increase in total turnover of 0.3 percent. In December, retail turnover had tumbled by 0.4 percent.
A weaker-than-expected retail sales number is making it harder for the Aussie dollar to cheer the upbeat trade figures.
As of writing, the AUD/USD pair is trading at 0.7030, having hit a low of 0.7020 immediately after the release of the retail sales number.
Technically speaking, the path of least resistance remains to the downside, as the pair well below the support at 0.7054 yesterday, establishing lower highs and lowers lows pattern and validating the bearish 5- and 10-day moving averages (MAs).
Technical Levels
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