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AUD/USD holding steady above 0.74

7/4/2018, 2:42:00 PMTrading Strategies
AUD/USD holding steady above 0.74

The AUD/USD is trading steadily near the 0.7400 key barrier after peaking at 0.7424 on Wednesday following the Aussie Retail Sales release.

Australian Retail Sales came in at 0.4% versus the expected 0.3%, holding steady at the previous figure. Despite the Australian Trade Balance unexpectedly contracting to $827 million (forecast $1.2 billion), Aussie bulls stepped into markets and pushed the AUD back over the 0.7400 level after bottoming out at 0.7377 in the early markets.

The upcoming US session will see thin volumes and restrained liquidity with American markets off for the day to celebrate US Independence Day, and traders will be looking ahead to Friday, which sees another round of the US Non-Farm Payrolls, as well as the deadline for the latest round of US tariffs on $34 billion in Chinese goods, a move that is expected to bring a swift reaction from China.

AUD/USD levels to watch

The Aussie has marked in a new low for 2018 at 0.7310, with secondary support from last week's low of 0.7323, while bulls will have to make a decisive break of the current week's high at 0.7425, with further resistance at 0.7443.