Today’s US core retail sales data gave the Dollar a much-needed boost and many majors such as AUDUSD are heading lower as a result.
This morning’s core retail sales came out at 1.3% versus the forecast of 0.4%. The sales data came out at 0.6% versus the forecast of -0.4%. Both results are substantially better than expected. This news had the Dollar up 0.20% for the day. Currently, the price is battling resistance at 92.750. A break of this level next week could lead to a push to 93.437.
With the Dollar getting a slight boost today, price action traders saw their AUDUSD trade hit their first target. As of late, the Dollar and AUDUSD have been moving in tandem. When the Dollar is full of life and heading higher, AUDUSD matches that movement to the downside. Traders should expect to hold AUDUSD shorts for the next few weeks.
Aside from the Forex majors, cryptocurrencies are also looking to head lower. Bitcoin is slowly making its way to $30,000. Both Ethereum and Doge are showing clear signs of bearishness as prices head to this year’s lows. With a stronger Dollar expected for the rest of the summer, we could see many assets fall against the Dollar.
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