AUD - Weak data weighs on Australian dollar

Weak data weighs on Aussie

The trend of AUD/USD, as seen in the technical charts, is expected to usher in a callback trend as the RSI and the stochastic index have just turned back from the overbought area. The closest support is expected to be the 0.70 points and the 200-day moving average of 0.6810. The next level will look at the bottom of December last year at 0.6629. As for the upper resistance is estimated at 0.7150, the largest resistance will be seen at 0.72 and 0.7280 levels.

This week's news:
Australia's retail sales unexpectedly fall 3.9% in December, biggest drop since August 2020

Estimated volatility:
Resistance 0.7150 - 0.7200 – 0.7280
Support 0.7000 - 0.6810 - 0.6629

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