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Jan 29 - 09:55 PM

AUD/USD - Surprise Bounce After Weaker Than Expected Retail Sales

By Andrew M Spencer  —  Jan 29 - 08:05 PM
  • Australian Dec retail sales fell 2.7%, worse than the 1% poll expectations

  • Weaker data was expected after the strong 2% Black Friday-led November gain

  • AUD surprised, rising 0.2%, after an initial muted response to the data

  • Bounce likely fuelled by the failure to fall and higher stocks in Asia

  • Charts; 5, 10 & 21 DMAs conflict as 21-day Bollinger bands contract

  • Daily momentum studies show no bias - overall a neutral setup

  • 0.6641 21-DMA and 0.6657 38.2% Dec-Jan fall are the first resistance

  • Sydney's 0.6610 low and 0.6581 New York low are initial supports

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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