Solid News

Australian Retail Sales Increased for the Second Month in a Row

3/28/2023 12:01 PM

The AUD/USD pair is correcting at 0.6690, trying to continue the upward trend after the release of positive macroeconomic statistics for February.

Retail turnover added 0.2% after rising 1.8% earlier on the back of continued spending increases in the food-related industries. Thus, the indicator for cafes and restaurants rose by 0.5%, and food retail – by 0.2%. Industrial goods sales in department stores were corrected by 1.0% and apparel and footwear by 0.6%, while home improvement was flat.

The US dollar is gradually weakening, trading at 102.200 in the USD Index against the lack of key macroeconomic publications at the beginning of the week but this evening, the Conference Board will publish the Consumer Confidence Index, which traditionally draws a lot of attention. According to analysts' forecast, the indicator will drop to 101.0 points from 102.9 points earlier, which is a clear negative signal for the currency.

On the daily chart, the trading instrument is moving within the local ascending corridor with dynamic boundaries of 0.6760–0.6630, preparing to continue the decline.

Technical indicators keep a sell signal, which is now working out a local correction: fast EMAs on the Alligator indicator are below the signal line, and the AO histogram is forming corrective bars in the sell zone.

Resistance levels: 0.6750, 0.6890. |Support levels: 0.6630, 0.6500.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024