AUD/USD awaits US retail sales as key driver

AUD/USD is currently consolidated in a quiet Asian session with risk mood neutral while losing the bid overnight with commodities coming off.

AUD/USD has seen highs at 0.7402 earlier in the week, but pressures took the pair down to 0.7310 and the pair has been left to drift within a 30 pip range since the spike to 0.7367 seen overnight and attracting subsequent supply again back to current spot.

Oil was two way business overnight as well while industrial metals sold off and Gold traded with a heavy tone as well. For today, there is nothing scheduled as we wind down for the week, although in the US session we have further Fed speak and US retails sales. analysts at Westpac offered a preview.

AUD/USD levels

AUD/USD is consolidated around the 100 dma at 0.7338 with the 200 day ma at 0.7259 offering support on the downside, essentially leaving spot in the vicinity of the base of the daily cloud at 0.7321. On a rally, the tough resistance is located at circa 0.7530, while initial resistance comes in at 0.7477 and the 24th March low.