Solid News
Australian Retail Sales Increased for the Second Month in a Row
3/28/2023 12:01 PMThe 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.