Big day for AUD with retail sales and RBA
- Retail sales for November expected at +0.4% MoM;
- RBA widely expected to leave policy unchanged at last meeting for 2 months;
- AUD/USD support at .9050/60 with stops expected below this level;
- AUD/NZD back in bear mode and expected to test large optionality at 1.1000 in coming days;
- AUD/JPY still in sideways mode and needs to break above the 200-dma at 94.40 in order to generate fresh bullish momentum.
Mixed bag as you can see. AUD bulls will probably find best value against the EUR and the JPY. AUD bears will probably find best value selling rallies against the USD and the NZD.