The Australian dollar suffered a few setbacks after topping 0.80. However, it does not seem to give up. Not so fast. Here are three reasons tor the recovery of AUD/USD: 1 – Retail sales Retail sales surprised in Australia for the second time in a row: this advanced 0.3 % in June against 0.2% expected. In Q2, retail sales increased by a total of 1.5%, also above early estimations. Consumption is key to Australia’s shift away from the mining sector to other sectors. 2 – RBA Report The RBA tried to cool things down. In the Monetary Policy Statement, the organization led by Phillip Lowe lowered forecasts GDP is now expected to rise between 2% to 3% in 2017 and 2.75% to 3.75% in 2018. They did raise the GDP forecast for 2019. Once again, the RBA complained about the exchange rate, saying it would lower economic growth and inflation. However, there is nothing new here. 3 – Fresh USD weakness The US dollar is on the back foot once again. The fresh falls come despite tensions towards the Non-Farm Payrolls (NFP preview). However, a key hint towards the event provides an ominous sign: the services sector significantly slowed down. The ISM Non-Manufacturing PMI fell sharply and triggered worries. AUD/USD is trading around 0.7975, already looking at the round level of 0.80. Further resistance awaits at 0.8065, followed by 0.8165 and 0.83. Support awaits at 0.79 and 0.7835. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Trading the NFP with EUR/USD – 3 scenarios for wages Yohay Elam 6 years The Australian dollar suffered a few setbacks after topping 0.80. However, it does not seem to give up. Not so fast. Here are three reasons tor the recovery of AUD/USD: 1 - Retail sales Retail sales surprised in Australia for the second time in a row: this advanced 0.3 % in June against 0.2% expected. In Q2, retail sales increased by a total of 1.5%, also above early estimations. Consumption is key to Australia's shift away from the mining sector to other sectors. 2 - RBA Report The RBA tried to cool things down. In the Monetary Policy Statement, the… 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.
