AUD/USD: More range trading expected today, retail sales data due

The AUD/USD consolidated over the last 24 hours in a 100 pip range and we can expect more of the same today. Retail sales data is unlikely to have a big impact as the RBA’s monetary policy looks pretty much set in stone.

The big levels to watch are at .7725/.7850 and a break of either of these will set the tone for short-term momentum.

On the crosses, EUR/AUD looks to be in a ‘sell-zone’ but on the other hand, AUD/NZD continues to feel very heavy. Maybe its EUR/NZD we should be trading 🙂

Good luck today.

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