AUD holding onto gains despite miss on economic data

Retails sales came in slightly below expectations and job advertisements also fell from the previous month. Despite this, the AUD/USD is holding on to its gains from this morning and is still trading above .9600.

I’ve got no strong view on the AUD at current levels but as I said earlier, it does seem to be finding some support on the crosses with AUD/NZD the first one to break resistance levels.

  1. inclination is towards upside. no matter how bad the china data comes it will still go up. sell off last month was huge and has priced in bad data for next 3 months.

  2. I kind of agree …. fundamentals are sick – but the price keeps bobbing up. Too many shorts late to the party. Big risk event tomorrow with RBA decision – IMHO they hold rates and we see a bout of short squeeze to test signif resis at 0.9685-00 above there who knows. Don’t like the gap opened on charts from Friday close at .9572ish … it will be retraced at some point

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