Aussie retail sales preview - what to expect in AUD/USD?

Currently, AUD/USD is trading at 0.7355, down -0.02% on the day, having posted a daily high at 0.7369 and low at 0.7351.

Having seen quality in online retail deals and expansive spending over a similar period, market analysts expect another strong increment today in the retail sales data for Australia, keeping with the subject found in the previous couple of months.

In such an event, it could reduce worries that a late log jam in Australian consumer spending and consumption, the biggest part inside the Australian economy is improving. However, analysts at Westpac explained that Australian retail deals have seen a prominent change through the 3 months to October. "The pace of development ought to ease back to a direct 0.3% in Nov." For today, the analysts expect to see upward momentum to persist and ate targeting the 0.7400 area next.

AUD/USD 1-3 month:

"Below 0.7200. The US dollar has had an impressive rise since the US election and has potential to rise further during the months ahead. The Fed's assertive tightening projections plus US fiscal expansion should maintain upside pressure on US interest rates and the US dollar. Against that coal and iron ore are likely to sustain a good portion of their dramatic rises, and economic data should improve in Q4 and Q1, but these forces are subservient to the US dollar's trend. There's also the issue of Australia's AAA rating, seen at risk."

AUD/USD levels

Spot is presently trading at 0.7355, and next resistance can be seen at 0.7356 (Weekly High), 0.7357 (Daily Open), 0.7369 (Daily High), 0.7376 (Yesterday's High) and 0.7385 (Daily Classic R2). Next support to the downside can be found at 0.7351 (Daily Low), 0.7344 (Daily Classic R1), 0.7342 (Hourly 20 EMA), 0.7340 (YTD High) and 0.7316 (Daily Classic PP).

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