Key Points
- The Aussie Dollar after trading as high as 1.0747 against the Kiwi Dollar corrected lower.
- There was a break below a crucial contracting triangle pattern with support at 1.0702 on the hourly chart of AUDNZD.
- Today in Australia, the Retail Sales for June 2017 was released by the Australian Bureau of Statistics.
- The outcome was above the forecast, as there was a rise of 0.3% in sales (MoM).
AUDNZD Technical Analysis
The Aussie Dollar remained in an uptrend and traded towards the 1.0750 level against the Kiwi Dollar. The AUDNZD pair after trading as high as 1.0747 started a downside move trading below the 1.0720 level and the 21 hourly simple moving average.
The pair broke a crucial contracting triangle pattern with support at 1.0702 on the hourly chart and traded as low as 1.0674.
The pair is now moving back higher and already traded above the 50% Fib retracement level of the last decline from the 1.0747 high to 1.674 low. The overall trend is positive above 1.0700 and the 21 hourly simple moving average.
Australia’s Retail Sales
Today in Australia, the Retail Sales for June 2017 was released by the Australian Bureau of Statistics. The market was positioned for a minor rise of 0.2% in sales compared with the previous month.
The actual result was above the forecast, as there was a rise of 0.3% in sales. The report added that:
The following industries rose in trend terms this June 2017: Household goods (0.9%), Food retailing (0.2%), other retailing (0.5%), Cafes, restaurants and takeaway food services (0.4%), Clothing footwear and personal accessory retailing (0.2%), and Department stores (0.3%).
Overall, the AUDNZD pair is likely to continue trading higher and it could even challenge the last swing high of 1.0740.
