Australian Leading Index disappoints

feature image
This morning, the June Westpac Leading Index was released at +0.4% on month, below +0.5% expected. Official data also showed that Australia's preliminary retail sales grew 2.4% on month in June (vs +16.9% on month in May).

From a technical point of view, on a daily chart, AUD/USD is supported by an internal rising trend line and by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further advance above horizontal support at 0.6920. The nearest threshold would be set at horizontal resistance at 0.7180 and a second one would be set at December 2018 top at 0.7390 in extension.

Source: TradingView, GAIN Capital


Related tags: aud forex forex

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Sign up for our interactive livestreams

Our interactive livestreams, led by our industry experts, come highly recommended and can help provide your trading with the edge it needs.
Economic Calendar