15 Minutes Chart
Aussie Retail Sales came in at -0.1%, surprising analysts who were calling for a 0.3% gain. Price fell back below 1.05 in quick succession but has since recovered slightly. Looking at just the past 24 hours worth of candles, it does not seem that this news announcement has broken current short-term bullish momentum as it was unable to maintain price below interim support of 1.049. Looking purely from 15:00 onwards, price has carved out higher highs and higher lows, and the dip within the short while does not appear to change the overall shape of the graph.
From a longer perspective, AUD/USD has majority of candles firmly between 1.048 – 1.051. Of concern is the failure to test the previous swing high formed on 3rd Jan (GMT +8), implying that bulls have yet to garner enough momentum for any meaningful breakout. 1.051 – 1.052 remain the goal to beat for bulls for any strong breakthrough. Keep a look out around this price levels for any show of strength or potential reversal possibilities. Downside movement should meet support between Weekly Pivot just below 1.046 – 1.048, while further support can be found along S1 (yellow line) which is close to the opening levels of 2013.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.