Fundamental Analysis:
Australia's retail sales data which represents consumer spending came in better than expected, rising to 0.3% month on month in march, beating the expected of 0.2%. However, this figure marks a significant slowdown in spending from the 0.8% growth registered in February. Furthermore, Australia's trade surplus widened to A$4949 million in March, topping the forecast of A$4300 million and up from the preceding month's print of A$4801million. Exports, however, dropped 2%. As a result of the mixed date, AUD barely moved this morning. The AUD rose sharply after RBA delivered interest rates decision that remained constant. The bank sounded more hawkish than most investors were expecting, explaining how inflation had risen by 1.3%. This has helped lift risk sentiments and the AUD.
Technical Analysis:
Sell entry: 0.7058Why It's Good: We're seeing a lot of resistance at that level, like 100% Fibonacci extension and 38.2% Fibonacci retracement. Strong overlap resistance too.
Stop loss: 0.7089Why It's Good: Very nice retracement and a horizontal swing high resistance.
Take profit: 0.7012Why It's Good: Really nice retracement and extension
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