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AUD/USD approaches to 0.81 – extending gains on poor US

The Australian dollar took its  time with the reaction to the Chinese rate cut. And after AUD/USD, it received another kick higher from poor US retail sales.

AUD/USD is at a cycle high of 0.8096. Can it settle continue higher?

The hopes for a Q2 recovery after a cold winter proved disappointing once again, at least if we look at US consumption.  While the rise for March was revised to the upside, the markets focus on the not too pretty present. And in April, the US consumer took a break and sales remained unchanged.

AUD/USD is now trading above important resistance at 0.8066 and has no big technical impediments ahead. However, the RBA certainly doesn’t like the situation: they have expressed their desire for a weaker Aussie over and over again.

More: AUD/USD: Next Leg Higher Underway?

AUD/USD chart:

Australian dollar May 13 2015 higher on weak US retail sales effect of Chinese rate cut

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.