FXStreet (Mumbai) – The Australian dollar was smashed versus the US dollar in the mid-Asian trades, knocking-off AUD/USD to fresh three-month lows below 0.76 handle. The Aussie was heavily offered in Asia after Australia’s May retail sales missed expectations while the April revision also discouraged markets.
AUD/USD drops from 0.7630
Currently, the AUD/USD pair trades -0.63% at fresh three month lows of 0.7580, quickly giving away 0.76 handle shortly after the data release. The pair was relentlessly sold-off following the release of below estimate Australian retail sales figures which once again dampened market sentiment. Australia’s May retail sales came below expectations at +0.3% vs +0.5% market estimates, with last month’s data also revised lower to -0.1% vs 0%.
On Thursday, the Aussie bulls were offered some respite after the greenback eased on NFP miss. However, The AUD/USD pair remained pressured as markets continued to digest downbeat Australian trade balance data released yesterday. Australia’s trade balance came in at -2751M for May, which is below forecasts of -2200M.
Meanwhile, markets will now shift their focus towards next week’s economic news as US markets remain closed today on account of Independence day holiday. RBA’s cash rate decision on Tuesday is closely eyed now following the recent series of dismal Aus fundamentals.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7600 levels, above which gains could be extended to 0.7649 (Today’s High) levels. On the flip side, support is seen at 0.7568 (April 15 Low) levels from here it to 0.7551 (April 14 Low) levels.
(Market News Provided by FXstreet)