AUD/USD manages to keep 0.7600 post poor Aus retail sales

Having peaked near 0.7625 region, the AUD/USD pair now consolidates the latest move higher above 0.7600, finding limited incentive from poor Aus retail sales data.

AUD/USD holds above 0.7600

Currently, the AUD/USD pair drops -0.26% to trade at fresh session lows of 0.7590, having failed to resist above 0.76 handle. The AUD/USD pair remains well bid, although moved-off highs, after the Australian retail sales data missed estimates and failed to impress the AUD bulls. Retail sales were a 0.1% higher in June compared with a month earlier, below market expectations for a 0.3% increase.

The upward rally seen in AUD/USD post-Tokyo open lacks follow-through also as mixed trading activity seen in the Asian stocks and extension of the losses in the copper prices continue to keep a lid on the resource-linked Aussie.

Focus now shifts towards the upcoming US fundamentals, with the jobless claims and factory orders on sight today, while the highly influential NFP data will be published on Friday.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7638 (Aug 2 high) above which gains could be extended to the next hurdle located at 0.7667 (daily R3). On the flip side, the immediate support located at 0.7588 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550/46 (10 & 20-DMA).