AUD/USD bears taking control after bad Aussie data

By FXStreet AUD/USD dropped to the downside in a sell-off on the back of the Aussie retail sales that disappointed vs expectations.

AUD/USD went from a recovery high of 0.7672 just prior to the release to 0.7650 within a minute bar, catching some support and to oscillate within several pips of the low for a short period before further selling down to current lows of 0.7647. Australia’s Feb retail sales came at 0.0% m/m vs 0.4% expected and 0.3% last. All in all, a big miss. At the same time, however, and offering some support, building approvals for February were a very good result, +3.1% m/m vs. +2.0%, considering that previous that was -6.6% although revised higher from -7.5%.

AUD/USD levels

AUD/USD’s recent highs of 0.7722 and of a number of recent attempts at the 0.77 handle, was noted recently by Karen Jones, chief analyst at Commerzbank, to have been accompanied by a divergence of the daily RSI and has yet to see a close above the 0.7680 previous high. That was a concerning technical picture for the bulls as it was, and now the fundamentals and coming in to the downside also on this data ahead of the forthcoming RBA.

But, staying …read more

Source:: FX Street