Australian Leading Index disappoints

The June Westpac Leading Index was released at +0.4% on month, below +0.5% expected.


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

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