Sterling and the Aussie dip down – AUDUSD has settled after diving in the Sydney session, which was followed by a brief extension lower in the early London hours, leaving a two-day low at 0.7818. The Aussie buck still remains 0.56% for the worse on the day. The selling spark was the biggest contraction in Australian retailing sales in four years, with retail turnover unexpectedly contracting by 0.6% m/m, contrary to expectations for 0.3% m/m growth. This follows the RBA’s neutral policy guidance that was conveyed in last week’s September policy review’s accompanying statement, which had disappointed some looking for hawkish tilt. AUDUSD has been trending lower for a month now, and we expect more is to come. Resistance is at 0.7851-52, while trend projections point to the low 0.77s. Intra-day there is strong resistance at 0.7845 and 0.7836 with support at 0.7815 and 0.7800 on the H1 chart.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:
Senior Market Analyst
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.