The report showed Australian retail sales dipped 0. The news reinforced expectations of steady interest rates for months to come. In addition to the retail sales, the Australian Dollar continues to feel pressure from a drop in commodity prices, namely industrial metals like copper and iron ore.
The bearish news drove the Aussie lower because the Reserve Action of Australia is widely expected to hold rates at 1. Federal Reserve is poised to raise rates. This is helping to action the U. Dollar a more attractive investment.
The main trend is down according to the daily swing chart. The market is far from turning the main trend to up. As long as the Forex pair remains below this zone, there will be a strong downside usd. Based on the current price at. A sustained move under. A sustained move over. This could generate some intraday short-covering with the next targets coming in at. Watch the price action and read the aud flow at. This will tell us if the selling is getting stronger or if the buyers are coming back in to support the market.
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