AUD/USD ignores big miss on retail sales, trades at daily highs

AUD/USD quickly recovered from a brief drop to 0.7597 to clock a fresh daily high of 0.7623 despite a big miss on the Australian retail sales figure.

Supported by 5-DMA

The pair found bids around 5-DMA level of 0.7588 and jumped to 0.7620 levels ahead of the retail sales release. The data showed consumer spending as represented by retail sales jumped just 0.1% m/m in June, which is well below the expected growth of 0.3%.

Aussie dropped from 0.7620 to 0.7597 (23.6% of 0.6827-0.7835) before making a quick recovery to the daily high of 0.7623 levels. The spot was last seen trading around 0.7618 levels.

AUD/USD Technical Levels

A break above immediate hurdle of 0.7638 (Aug 2 high) would open doors for 0.7672 (76.4% of 0.7835-0.7145). A violation there could yield 0.77 handle. On the other hand, a breakdown of support at 0.7597 (23.6% of 0.6827-0.7835) would expose 0.7571 (61.8% of 0.7835-0.7145). A break lower could yield 0.75 handle.