Australian retail sales jump

Official data showed that retail sales in Australia jumped 7.0% on month in November (+2.0% expected).

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Official data showed that retail sales in Australia jumped 7.0% on month in November (+2.0% expected). Annual turnover advanced 13.2%, following the easing of coronavirus restrictions.

AUD/USD is posting a consolidation move within a bullish trend. The pair is supported by the rising 20DMA. The RSI has broken down its overbought area, calling for caution. As long as 0.7395 is support, the bias remains bullish with 0.768 and 0.788 as targets. Alternatively, a break below 0.7395 would call for a down move towards 0.725 and 0.7135.

Source: GAIN Capital, TradingView

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