FXStreet (Guatemala) – AUD/USD is currently trading at 0.7630 with a high of 0.7659 and a low of 0.7588.
AUD/USD has some last minute data before the weekend’s referendum showdown in Greece and we have just has the first low coming in the form of Aussie Retails Sales.
AUD/USD price action
The price action overnight started in Europe on the downside from 0.7614 down to 0.7590 until London’s high of 0.7641 and lows of 0.7588. Currently, the price is fluctuating on the offer around 0.7620 at time of writing on the release of the data.
AUD/USD on retails sales ahead of Greek referendum
AUD/USD bulls took advantage of the disappointments in the Nonfarm Payrolls results overnight. Today we have seen the release of Retails Sales for Australia coming at 0.0% (MoM) (May) vs expected 0.4% and previous 0.3%.
Traders now await the HSBC/Markit Services PMI for June where the previous reading was 53.5 and then the Greek referendum on the weekend in Europe and Asia’s open.
AUD/USD technically bearish
Valeria Bednarik, chief analyst at FXStreet explained that the outlook is still bearish. “Having established a double floor this week around the 0.7580 level, the bias is still bearish, as the price is unable to recover above a strongly bearish 20 SMA, whilst the technical indicators head lower below their mid-lines. In the 4 hours chart, the recovery stalled far below a bearish 20 SMA, whilst the technical indicators have resumed their declines in negative territory, with the RSI indicator approaching oversold levels.”
(Market News Provided by FXstreet)