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About an hour ago the Australian Retail Sales data posted a 2.2% increase versus an expected .5% increase and the result was a sell off smack into a demand level at $0.7335. I haven’t dived into the report detail yet but the number itself is very promising. Trade balance data was better than expected as well. If you want my opinion I think the initial sell off appears to be technical rather than a reaction to the data because round number $0.7400 was drilled just prior to the sell off. I suspect some protective stops on any shorts left over from today were tripped above the “00″ level. AUD/USD has nearly recouped the losses as I write this. Overall AUD/USD had a decent pull back day within the uptrend yesterday and I’m personally looking for the marked demand level from a couple days ago to hold up with more than just a touch before I join the trend again.
Best of luck,
Ryan
IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.