The Australian dollar had another successful week, enjoying upbeat data and global optimism. The jobs report and China’s GDP stand out in a busy week. Here are the highlights of the week and an updated technical analysis for AUD/USD.
Retail sales increased by 1.2%, triple the early expectations. Building approvals also came out well above early projections: a jump of 11.7%. Apart from positive Australian data, AUD/USD advanced also thanks to the weakness of the US dollar, partly fueled by a report that China intends to diversify away from US Treasuries. Despite a denial, the dollar remained on the back foot.
Updates:
AUD/USD daily graph with support and resistance lines on it. Click to enlarge:
