Government data released earlier today showed that Australia's retail sales increased 0.9% on month in April, slightly below 1.0% expected. This is the fourth consecutive monthly increase, suggesting that household spending is not overly impacted for now by rising prices.
AUD/USD is up pressure this morning
The currency pair has broken above a declining trend line
The pair is supported by the rising 20/50MAs
The RSI (14) is posting a pullback towards its neutrality area at 50%
Suggest long positions above 0.7105 with targets at 0.7170 & 0.7190 in extension.
Below 0.7105 look for further downside with 0.7080 & 0.7060 as targets.
- 00:01:05
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