"U.S. retail sales fell for a second straight month in March amid softening demand for automobiles, suggesting economic growth slowed abruptly in the first quarter. "
— Lucia Mutikani (based on Reuters)
Pair's Outlook
After its rally yesterday, AUD/USD continues to appreciate against the Greenback for the third consecutive day. Even though the upside volatility has slowed down, it seems that the pair should close in the green area. The weak US retail sales report may also shift prices in favour for the Aussie. Nevertheless, the strong resistance cluster circa 0.7610 should also be taken into account. In a less likely scenario for today, the Aussie might make a U-turn and target the 200-day SMA at 0.7555. A breach of this level would provide strong bearish signals. This, however, does not go in line with intermediate predictions.
Traders' Sentiment
Market sentiment is almost neutral, as 51% of open positions are long today. Meanwhile, 62% of pending orders are to buy the Aussie.
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