Aussie trades lower on weak retail sales, targets 0.7500
AUD/USD has broken major support around 0.7580 on account of weaker than expected retail sales and weak China's services PMI.
Australian retail sales data has showed a 0.3% increase M/M compared to forecast of 0.5%.China's services PMI data declined to 51.8 to 5 month low compared to 53.5 (prior month).
Technically any break below 0.7580 confirms short term weakness, decline till 0.7530/0.7500 is possible.
Short term bullishness only above 0.7648 level. The minor resistance is around 0.7630
it is good to sell around 0.75830-50 with SL around 0.7630 for the TP of 0.7500
Australian retail sales data has showed a 0.3% increase M/M compared to forecast of 0.5%.China's services PMI data declined to 51.8 to 5 month low compared to 53.5 (prior month).
Technically any break below 0.7580 confirms short term weakness, decline till 0.7530/0.7500 is possible.
Short term bullishness only above 0.7648 level. The minor resistance is around 0.7630
it is good to sell around 0.75830-50 with SL around 0.7630 for the TP of 0.7500
